Which of the following transactions would most likely require marginal thinking?
a. deciding how many cattle to buy at a livestock auction
b. choosing which animal to request for a puppy adoption
c. deciding whether to make an online purchase
d. choosing a painter for an art commission
a. deciding how many cattle to buy at a livestock auction
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In the figure above, when 20 units are produced the marginal cost is
A) less than $8. B) $8. C) more than $8 and less than $16. D) None of the above answers is correct.
The regulatory agency that sets reserve requirements for all banks is
A) the Federal Reserve System. B) the Federal Deposit Insurance Corporation. C) the Office of Thrift Supervision. D) the Securities and Exchange Commission.
An increase in the number of workers hired by a firm could result from
A) a decrease in the marginal product of labor. B) a decrease in the marginal revenue product of labor. C) an increase in the real wage. D) a decrease in the real wage.
Capital can be treated as a free resource
Indicate whether the statement is true or false