A firm's marginal cost is defined as
a. the ratio of total cost to total output.
b. the ratio of total output to total cost.
c. the additional cost of producing one more unit of output.
d. the reciprocal of total average cost.
c
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Teaser interest rates refer to
A) the initial rates that are typically below market rate and are offered by lenders to entice the clients to borrow. B) mortgage rates. C) rates charged on all subprime mortgages. D) none of the above.
Choices must be made because of scarcity; people do not have enough time or money to get everything they want
a. True b. False Indicate whether the statement is true or false
In competitive markets, which of the following is not correct?
a. Firms produce identical products.
b. No individual buyer can influence the market price.
c. Some sellers can set prices.
d. Buyers are price takers.
The marginal product of labor is the extra amount of output a firm can generate by adding one more hour of labor (or one more worker).
Answer the following statement true (T) or false (F)