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3 Cards in this Set

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