SOLVED

31) Marginal benefit is the A) total benefit we receive from consuming a good or service. B) additional benefit we receive from consuming one more unit of a good or service. C) minimum amount of other goods or services we are willing to give up. D) opportunities given up to get one more unit of a good or service. E) the benefit we receive from consuming one more unit of a good or service minus the cost of the producing one more unit of the good or service. 32) The marginal benefit of a taco is measured by A) the price of the taco. B) the amount of another good a person is willing to give up to get one more taco. C) the amount of another good a person must give up to get one more taco. D) a point on the PPF. E) the opportunity cost of producing another taco. 33) Marginal benefit A) increases as more of a good is consumed. B) decreases as more of a good is consumed. C) is the total benefit from all units consumed. D) is constant as more of a good is consumed. E) is the gain to the producer of producing and selling one more unit of a good. 34) As more of a good is consumed, the marginal benefit of the good A) increases. B) decreases. C) remains constant. D) is unpredictable. E) first decreases and then increases. 35) The principle of decreasing marginal benefit explains why the marginal benefit curve A) is upward sloping. B) has an infinite slope. C) is vertical. D) is downward sloping. E) is horizontal. 36) In general, the marginal benefit curve A) has a positive slope. B) has a negative slope. C) is horizontal. D) is vertical. E) is concave. 37) The point that each glass of lemonade consumed on a hot day brings lower and lower levels of satisfaction is known as the principle of A) total benefits. B) increasing marginal cost. C) decreasing marginal benefit. D) increasing opportunity cost. E) decreasing marginal price. 38) The marginal benefit of the first hotdog consumed is ________ the marginal benefit of the fifth hotdog consumed. A) equal to B) less than C) greater than D) the inverse of E) equal to 5 times 39) Suppose Jennifer derives $100 in marginal benefits from her first skiing trip and $80 from her third trip. Her marginal benefit from her second trip is likely to be A) more than $100. B) between $100 and $80. C) between $79 and $51. D) less than $51. E) some amount that cannot be calculated without additional information. 40) Marginal benefit curves A) have positive slopes. B) have negative slopes. C) are horizontal lines. D) are vertical lines. E) are upside-down U-shaped curves.