-According to the Diagram in the Above Figure, What Is

question 307

Multiple Choice

-According to the diagram in the above figure, what is the marginal benefit of consuming the 3 millionth gallon of gasoline per month?

• A) 5 pounds of shrimp per gallon of gasoline
• B) 3 pounds of shrimp per gallon of gasoline
• C) 2 pounds of shrimp per gallon of gasoline
• D) 1 pound of shrimp per gallon of gasoline

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Definitions:

Unemployment Benefits

Payments made by the government or a private insurance company to individuals who are unemployed and actively looking for a job.

Bureau of Labor Statistics

A U.S. government agency that collects, processes, analyzes, and disseminates essential statistical data on labor market activity, working conditions, and price changes in the economy.

Demand-Pull Inflation

Inflation caused primarily by an increase in aggregate demand: too many dollars chasing too few goods.

Wage-Price Spiral

A situation where rising wages lead to higher prices, which in turn lead to demands for even higher wages, creating a cycle of inflation.