Econ Ch 1 Matching
| What is the equation for marginal cost? |
| Change in total cost over change in consumption |
| How does policy act when the secondary effect is less than the primary? |
| Policy solves the problem (at a cost) |
| Shown true or false based on objective facts |
| Amount of good wanted is more than what exists |
| How ppl affected by policy change their behavior |
| Total economic surplus is maximized |
| Law of Increasing Marginal Cost |
| Work increases for increase in benefit |
| Ability to set a well-defined goal and achieve it |
| Additional cost increased by producing one more unit of good |
| What is the equation for marginal benefit? |
| Change in total benefit over change in consumption |
0:00
