In the short run, the additional output that results from hiring an additional unit of a variable input is the
A) marginal product.
B) average product.
C) average variable cost.
D) marginal cost.
Answer: A
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Charlie's consumer surplus from the first slice of pizza he buys is greater than the consumer surplus from the second slice because of
A) decreasing marginal benefits. B) increasing marginal benefits. C) decreasing marginal costs. D) increasing marginal cost.
Refer to the information provided in Table 2.2 below to answer the following question(s).Table 2.2?MollyPeteAvatar Design68Tattoo Design32Refer to Table 2.2. For Molly, the opportunity cost of designing one tattoo is
A. 1/2 of an avatar design. B. 1 avatar design. C. 2 avatar designs. D. 3 avatar designs.
At any point in time, a single bank can loan an amount equal to
A) its excess reserves. B) its required reserves. C) its government securities. D) the amount of loans the bank made in the past. E) its total reserves.
An increase in consumers' incomes will have what effect on the equilibrium in the restaurant meals market?
a. Price will increase, and quantity will increase. b. Price will decrease, and quantity will increase. c. Price will increase, and quantity will decrease. d. Price will decrease, and quantity will decrease. e. Price will increase, and quantity will stay the same.