Question

In: Economics

To an economist, "value" is the same as marginal cost. the minimum price that people are...

To an economist, "value" is the same as

marginal cost.

the minimum price that people are willing to pay for another unit of the good.

consumer surplus.

total surplus.

marginal benefit.

Value and price can be compared by noting that

value is what we must pay, while price is what we are willing to pay.

value is always greater than price.

they are the same thing.

price is what we must pay, and value is what we are willing to pay.

value is what the seller receives when we buy a good, and price is what we must pay when we buy a good.

A supply curve is the same as a

marginal benefit curve.

total benefit curve.

marginal cost curve.

deadweight loss curve.

total cost curve.

Which of the following occurs when a market is efficient?

Consumer surplus is as large as possible.

The sum of consumer surplus and producer surplus is maximized.

Consumer surplus equals producer surplus.

The marginal benefit exceeds the marginal cost by as much as possible.

Producer surplus is as large as possible.

The "equality of opportunity" idea of fairness claims

it's not fair if the rules aren't fair.

only a first-come, first-served system of allocating resources is fair.

private property can be transferred under government order.

the results and the rules should both be fair.

a society should make the poorest as well off as possible.

Expert Solution

Rahul Sunny answered 2 years ago

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