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3 Cards in this Set
- Front
- Back
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How should marginal benefit and marginal cost be related at the optimum/equilibrium?
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They should be equal.
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How does elasticity relate to total revenue?
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Producers of an elastic good must decrease price to increase TR. Inelastic / raise price. (why)
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What is the law of diminishing MRS
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As you obtain for of a good, you will give up less and less to get additional units of it.
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