Eco2023 Study guides, Class notes & Summaries

_______________ include both the private costs incurred by firms and also costs incurred by third parties outside the production process. Social Costs As a person receives more of a good, the _______________ from each additional unit of the good declines. marginal utility Attending college is a case where the ________________ exceeds the monetary cost. opportunity cost Because of the nature of the comprehensive environmental laws adopted during the late 1960s and early 1970s by the Un...

All of the following would affect the position and shape of a nation's production possibilities curve, except:The level of unemployment What is the best economic explanation for why a person would drop out of college to take a job or start a business?the expected future benefits from starting a business now are greater than the costs The idea in economics that "there is no free lunch" means that:There are opportunity costs involved even in free lunches Which of the following is ano...

Economist use the certeris paribus assumptionto isolate the factor of interest and investigate its effects in the clearest possible way Ceteris Parubisother things being equal or other things remaining constant When people make rational choices they...weigh the costs and benefits of their options and act to satisfy their wants You can spend the evening studying or you can go see a movie. You choose to spend the night studying....Marginal benefit of spending the evening studying is great...

Eco2023 Homework#1 Instructorstudy revision2023.