Suppose That for the Past Two Months, You Have Studied

question 253

Multiple Choice

Suppose that for the past two months, you have studied economics one hour a day. You now decide to study economics two hours a day. For the past two months

• A) your marginal cost of studying economics for an hour must have exceeded its marginal benefit.
• B) the marginal cost of studying economics must have fallen.
• C) your marginal benefit from studying economics an hour must have been greater than its marginal cost.
• D) the opportunity cost of studying economics must have risen.

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Definitions:

Produce Only

Focused solely on the creation or manufacturing of goods.

Quantity Of Resources

The total amount of natural, human, and capital resources available to produce goods and services.

Rapidly Growing

This term is used to describe entities (e.g., economies, companies) that experience a significantly higher-than-average increase in size, value, or performance over a short period.

Efficiently Produce

The process of creating goods or services using the least amount of resources while maximizing output.