The Value of One More Unit of a Good or Service

question 429

Multiple Choice

The value of one more unit of a good or service is the

• A) marginal benefit.
• B) minimum price that people are willing to pay for another unit of the good or service.
• C) marginal cost.
• D) opportunity cost of producing one more unit of a good or service.

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Definitions:

Symbolic Speech

Actions that purposefully convey a particular message or statement to those viewing it, recognized by courts as a form of free speech.

Lemon Test

A three-pronged test established by the Supreme Court to determine whether government action violates the Establishment Clause of the First Amendment.

Establishment Clause

A provision in the First Amendment of the U.S. Constitution that prohibits the government from establishing an official religion or unduly favoring one religion over another.

Clear and Present Danger

A legal doctrine that allows the government to restrict free speech if it poses a direct and imminent threat to societal order or national security.