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Category: Economics
Studying has both costs and benefits. If you continue to study (e.g., for a test) for as long as the marginal benefits of studying are greater than the marginal costs, and you stop studying when the two are equal, will your action be consistent with having maximized the net benefits of studying? Exp...
Editor July 11, 2021 15:48
Explanation Marginal benefit (MB) tends to decrease as more units are consumed. Change in marginal cost (MC) and benefit is associated with a change in the total cost and the (View full solution)
Category: Economics
Give an example to illustrate how a change in opportunity cost can affect behavior.
Editor July 11, 2021 15:47
Explanation Opportunity cost is the cost of the next best alternative which is forgone. The example that illustrates the change in the behavior due to the change in the opportunity (View full solution)
Category: Economics
How does choice arise out of scarcity?
Editor July 11, 2021 15:46
Explanation Scarcity is the gap between the limitless human wants and the limited available resources. The consumer must choose from the available resources as the wants of the customer are (View full solution)
Category: Economics
How does competition arise out of scarcity?
Editor July 11, 2021 15:45
Explanation Scarcity is the gap between the limitless human wants and the limited available resources. Scarcity compels an economy or a person to prioritize its needs. Due to limited resources, (View full solution)
Category: Economics
True or false? Scarcity is the condition of finite resources. Explain your answer.
Editor July 11, 2021 15:43
Explanation Scarcity is the gap between the unlimited human wants and the limited resources available. Scarcity only occurs at the place where wants are infinite and resources are finite. It (View full solution)
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