Question: Choose the correct statement about value. A. Value is equal to the marginal benefit of a good minus the price paid for it, summed

Choose the correct statement about value. A. Value is equal to the

Choose the correct statement about value. A. Value is equal to the marginal benefit of a good minus the price paid for it, summed over the quantity bought. B. When consumer surplus increases, value increases. C. The value of one more unit of a good or service is its total benefit. D. Value is what we get, and the price is what we pay.

Step by Step Solution

★★★★★

3.44 Rating (157 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Option D is correct ie value is what we get price is what we pay Option A is incorrect bec... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

The multiplier in a country is equal to 5, and households pay no taxes. At the current equilibrium real GDP of $14 trillion, total real consumption spending by households is $12 trillion. What is...

Total surplus in a market is equal to a. amount received by sellers - costs of sellers. b. willingness to pay - price. c. consumer surplus + producer surplus. d. value to buyers - amount paid by...

A voltage across a capacitor is equal to [2 2 cos(4t)] V and the current flowing through it is equal to 2 sin (4t) A. Determine the value of the capacitance. Calculate the power being stored by the...

If the government decides to provide public health insurance (like Canada), what healthcare fee does it charge to achieve an efficient coverage? How much will taxpayers have to pay? The marginal cost...

Multiple Choice Questions 1. The law of diminishing marginal utility implies that the more of a commodity you consume, the a. More you value additional units of output. b. Less you value additional...

1. Consider Figure Between points c and d, the opportunity cost of ___ tons of wheat is _______ tons of steel. 2. Arrow up or down: An increase in the wage for high-school graduates ______ the...

Multiple Choice Questions: 1. Which of the following is not true? a. Voluntary exchange is expected to be advantageous to both parties to the exchange. b. What one trader gains from a trade, the...

Multiple Choice Questions 1. In a supply and demand graph, the triangular area under the demand curve but above the market price is a. The consumer surplus. b. The producer surplus. c. The marginal...

Multiple-Choice Questions 1. Jim has estimated elasticity of demand for gasoline to be -0.7 in the short run and -1.8 in the long run. A decrease in taxes on gasoline would a. Lower tax revenue in...

The only choice variable is x. The total benefit function is B(x) = 100x - 2x2, and the total cost function is C(x) = 1 / 3 x3 6x2 + 52x + 80. a. What are the marginal benefit and marginal cost...

For the year ended December 31, 2019, Settles Inc. earned an ROI of 9.2%. Sales for the year were $10 million, and average asset turnover was 2.3. Average stockholders' equity was $3.2 million....

In each reaction box, select the best reagent and conditions from each list. 1. reagent 1 2. reagent 2 3. reagent 3 Br

Define promotion.

Write a note on transfer policy.

Discuss about training and development in India?

Explain the various techniques of training and development.

A buyer purchased 150 graphic t-shirts to retail at $15.00 each. She negotiated with the vendor to pay $5.00 for each graphic t-shirt. She is also planning to purchase 80 glitter t-shirts to retail...

Review Exhibit 11.4. Analyze each product on the graph according to the characteristics that influence the rate of adoption. For example, what can you conclude from the data about the relative...

An article in the Wall Street Journal on the shadow banking system contained the following observation: "If investors rush to the exits en masse, acting as a herd, asset prices could plummet and...

What is the relationship between frictional unemployment and job search?

Consider the information in the following table for the first two years of the Great Depression (where the values for real GDP and potential GDP are in 2009 dollars): a. The table shows that...

Several organizations publish the results of presidential approval polls. Movements in these polls are seen as an indication of how the general public views presidential performance. Comment on these...

Refer to the three questions discussed in this section involving the financial crises of 2008 and 2009 and possible government intervention. Note that the questions elicited different responses....

According to a report issued by the U.S. Department of Agriculture (USDA), the agency estimates that Southern fire ants spread at a rate of 4 to 5 miles a year. What data collection method do you...