The addition to total revenue resulting from one more unit of output is called marginal revenue
a. True
b. False
Indicate whether the statement is true or false
True
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Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.1 shows how much of each good Jesse and April can paint in one hour. Jesse's opportunity cost of painting one kite is painting
A) 1/12 of a snowboard. B) 1/8 of a snowboard. C) 1/3 of a snowboard. D) 3 snowboards.
Decreased investment spending in the economy would be a possible result of
A) an open market sale of bonds by the Fed. B) an increase in the money supply. C) an open market purchase of bonds by the Fed. D) a decrease in interest rates.
The more bidders there are at an oral auction,
a. the higher the expected selling price b. the higher each bidder bids c. the longer that each bidder will continue to bid d. the less each bidder will shade his bid
If negative externalities are created in the production of a good, then society will:
a. produce too much of the good since the marginal private cost to firms is less than the marginal social cost. b. produce too little of the good since the marginal private cost to firms is less than the marginal social cost. c. produce too much of the good since the marginal private cost to firms is greater than the marginal social cost. d. produce too little of the good since the marginal private cost to firms is greater than the marginal social cost.