The Marginal Benefit of an Apple Is Measured by

question 128

Multiple Choice

The marginal benefit of an apple is measured by

• A) the opportunity cost of producing another apple.
• B) the price of the apple.
• C) the amount of another good a person is willing to give up to get one more apple.
• D) the amount of another good a person must give up to get one more apple.
• E) a point on the PPF.

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Definitions:

Automobile Emissions

The pollutants released into the atmosphere by motor vehicles, including carbon monoxide, nitrogen oxides, and hydrocarbons.

Specific Tax

A fixed amount imposed by the government on a product, per unit of quantity.

External Benefit

A benefit that affects a party who did not choose to incur that benefit, typically referring to positive side effects of a transaction or activity on third parties.

Environmental Standard

Regulations and criteria set by governments or international bodies to protect the environment by controlling levels of pollutants or the methods used to produce goods and services.