Select the correct answer.

The marginal benefit curve for a product is the same as the __________ of that good. a) marginal cost curve b) supply curve c) demand curve d) consumer surplus curve

Which of the following factors does NOT shift the supply curve? a) An increase in workers' wages. b) The development of a new technology. c) An increase in individuals who decide to buy the product. d) A decrease in the number of producers

The elasticity of demand depends on a) the possibilities of substitution of resources. b) the fraction of income spent on the product. c) the time frame for the offer decision. d) None of the above because all the factors mentioned affect the supply elasticity.

Along a concave curve of the production possibility frontier (FPP) between milk and cotton, the more milk is produced, the cost marginal extra gallon of milk a) go up b) does not change. c) low. d) probably changes, but in an ambiguous direction.

Which of the following results in an irreparable loss? a) A housing market with a rent ceiling that is below below the balance rent. b) A labor market with a minimum wage that is above of the equilibrium wage. c) An agricultural market in which the government has imposed quotas. d) All of the above generates irrecoverable loss.