Refer to Figure 7-2. The market equilibrium price is
A) $60. B) $50. C) $40. D) < $40.
C
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A firm estimates that when output is 10, its total costs are $900 . It also finds that when output is 11, its total costs are $920 . The marginal cost of the eleventh unit of output is:
a. $1. b. $20. c. $90. d. $900. e. $920.
Federal Spending in 2016 was
A. $4 billion. B. $400 trillion. C. $40 trillion. D. $4 trillion.
A nominal value is measured:
A. by indexing. B. using the consumer price index. C. in terms of current dollar value. D. in physical terms.
Answer the following statement(s) true (T) or false (F)
1. A normative criteria is a way of balancing benefits against costs. 2. Consumer's surplus equals the total value that the consumer places on his purchases minus the amount he actually paid. 3. A consumer's demand curve for pizza is identical to his total value curve for pizza. 4. Market demand always represents marginal value. 5. Social or welfare care is consumer surplus minus producer surplus.