Question

A person will decide to take the day off work if the?

person has additional sick days to spare.

marginal cost is less than the marginal benefit.

marginal cost exceeds the marginal benefit.

person can make up the missed work the next day.

Which is not a typical way in which markets differ from one another?

types of goods for sale in a market

days of the week when markets are active

transaction component between buyers and sellers

geographic location of markets

When an economy is producing the mix of goods and services MOST desired by society, that economy is considered to have

productive equitability.

productive efficiency.

allocative equitability.

allocative efficiency.

Capital, as a factor of production, includes all manufactured products that are used to produce other goods.

False

True

Answer 1

Ans) 1) A work should be done if marginal benefit exceeds marginal cost.

2) In every market, there are two types of actors ÷ buyers and sellers.

3) Productive efficiency is when goods can be produced at lowest cost. While allocative efficiency is when those goods are produced, which are most desired by the society.

4) Capital goods are those man made goods, which are used to produce other goods and services. Eg- building, machines, tools, computers etc.