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Marginal cost is the

A.None of the above answers is correct.
B.extra benefit that people receive from producing one more unit of a good or service.
C.maximum amount consumers are willing to pay for one more unit of a good or service.
D.opportunity cost of producing one more unit of a good or service.

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In goods markets ( ) and in factor markets ( ).

A.firms sell to households; households sell to firms
B.households sell to firms; firms sell to households
C.firms sell to households; firms sell to households
D.households sell to firms; households sell to firms

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When allocating resources using market price,

A.everyone who is able to pay for a good gets one.
B.everyone who wants a good gets one.
C.everyone who is willing and able to pay for a good gets one.
D.everyone who is willing to pay for a good gets one.

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In every economic system, choices must be made because resources are ( ) and our wants are ( ).

A.unlimited; unlimited
B.limited; limited
C.limited; unlimited
D.unlimited; limited

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Suppose that for the past two months, you have studied economics one hour a day. You now decide to study economics two hours a day. For the past two months, ( ).

A.the opportunity cost of studying economics must have risen.
B.the marginal cost of studying economics must have fallen
C.your marginal cost of studying economics for an hour must have exceeded its marginal benefit
D.your marginal benefit from studying economics an hour must have been greater than its marginal cost

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Marginal cost is the

A.None of the above answers is correct. B.extra benefit that people receive from producing one more unit of a good or service. C.maximum amount consumers are willing to pay for one more unit of a good or service. D.opportunity cost of producing one more unit of a good or service.

In goods markets ( ) and in factor markets ( ).

When allocating resources using market price,

In every economic system, choices must be made because resources are ( ) and our wants are ( ).

Suppose that for the past two months, you have studied economics one hour a day. You now decide to study economics two hours a day. For the past two months, ( ).

A.None of the above answers is correct.
B.extra benefit that people receive from producing one more unit of a good or service.
C.maximum amount consumers are willing to pay for one more unit of a good or service.
D.opportunity cost of producing one more unit of a good or service.