Marginal Cost is
A. the per unit fixed cost of production.
B. the addition to cost associated with one additional unit of output.
C. the per unit cost of production.
D. the per unit variable cost of production.
Answer: B
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Over the past 40 years, there has been an increase in spending on public education without a significant increase in student performance. One explanation given by economists on why student performance has not improved is that
A) not enough funds have been spent on public education. B) schools are providing high-priced services that are not valued by parents. C) the quantity of educational services has not increased beyond the pre-subsidy equilibrium. D) too much competition for educational services.
A bank's reserves include
What will be an ideal response?
Which of the following is said to occur when a firm with market power uses price discrimination between markets to increase its total profit?
A. Cyclical dumping B. Persistent dumping C. Predatory dumping D. Seasonal dumping
The law of diminishing returns to labor implies that
a. capital is more productive than labor b. workers become less efficient once they have a secure job c. output increases at a decreasing rate with the employment of new workers d. employers pay workers a wage rate that is less than the workers' MRP e. capital is less productive than labor