Which of the Following Is True

question 186

Multiple Choice

Which of the following is true?
i.Marginal cost is measured by the maximum price that consumers are willing to pay for another unit of a good or service.
ii.Producer surplus equals marginal benefit minus price,summed over the quantity produced.
iii.A supply curve is a marginal cost curve.

• A) Only iii
• B) Only i
• C) Only ii
• D) i and ii
• E) i and iii

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Definitions:

Interactionist

An approach in sociology and psychology that emphasizes the mutual influence of individuals and society upon each other.

Innate Predisposition

An inherent inclination or tendency to behave or respond in a certain manner, often present from birth.

Decision Making

The mental process involved in choosing one option out of many possibilities.

Law School

A professional school offering education in law leading to a degree and qualification to practice law.