Question

Question 18 Excess profit is the profit: necessary to continue a business. necessary to recover implicit costs. Question 20 1 pts above what is necessary to continue a business. necessary to recover explicit costs. The total utility from consuming three units of a good is equal to: the total utility from consuming two units plus the marginal utility from consuming the third unit. Question 19 both of the above O none of the above If an action by an individual has a negative external effect, the level of activity that maximizes society's net benefit is: the marginal utility from consuming the first unit, plus the marginal utility from consuming the second unit, plus the marginal utility from consuming the third unit. always indeterminate for lack of information. equal to the level that maximizes the individual's net benefit. greater than the level that maximizes the individual's net benefit. less than the level that maximizes the individual's net benefit.

Answer 1

Answer

18.

above what is necessary to continue a business.

Excess profits are not required to continue business, just mere break even is enough for a business to continue

19

less than the level that maximizes the individual's net benefit.

If an economic activity creates external costs to the society it must lower it productivity to match the marginal benefit to marginal cost , which is lower that the individual entity's net benefit

20

none of the above.

The total utily of consuming 3 units of goods is the Total utility of consuming the 1st unit + the marginal utiltiy of the 2nd unit + the marginal utility of the 3rd unit

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