Refer to the Figure Below

question 85

Multiple Choice

Refer to the figure below. If the relevant curves are MC₁ and MB₂, a rational consumer will acquire ________ units of information, the amount for which marginal benefit for information is ________ its marginal cost.

• A)4; equal to
• B)4; more than
• C)5; more than
• D)5; equal to

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Definitions:

Code Letter

A symbol or abbreviation used to represent an item, category, or instruction in a system of classification or identification.

FOB

Free On Board, a term used in shipping to indicate who is responsible for payment of transportation and insurance.

Freight

The charge paid for the transportation of goods, typically by sea, air, or land.

Free

Not under the control or in the power of another; able to act or be done as one wishes, or without cost or payment.