Marginal cost is defined as the change in ________ cost when output changes by one unit. In the short run, marginal cost can also be measured by the change in ________ cost when output changes by one unit
A) total; fixed
B) variable; fixed
C) fixed; variable
D) total; variable
D
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If a country is operating at a point of production efficiency,
A) it operates on its trade line. B) it cannot be producing at its point of comparative advantage. C) it produces on its production possibilities frontier. D) it must specialize in the production of a good. E) it enjoys a free lunch when increasing production.
When Janet Yellen, Chair of the Federal Reserve, addresses Congress regarding the United States role in the world economy, she is discussing
A) a macroeconomic topic. B) a microeconomic topic. C) scarcity. D) incentives.
Briefly describe the Sarbanes-Oxley Act and explain why it was passed
What will be an ideal response?
In common value auctions
a. Bidder do not know the value of the object being sold b. Each bidder makes the same estimate of the value of the good c. All bidders know the estimates of the others d. The true value of the item differs across bidders