Refer to the table below. The average variable cost of producing 3 units of output is:
A. $9.33
B. $10
C. $12.67
D. $38
A. $9.33
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If the marginal cost of a perfectly competitive firm producing a good is $50 and the market price of the good is $100, the firm should:
A) decrease its output. B) increase its output. C) try to increase the market price. D) try to decrease the market price.
An increase in population growth will lead to a ________ in the steady-state capital—labor ratio and a ________ in output per worker
A) fall; fall B) fall; rise C) rise; rise D) rise; fall
Here is a consumption function: C = C0 + MPC(Yd). If C0 = $200, then we know that
A) if Yd is zero, C will be $200. B) when Yd rises, C rises by $200. C) when Yd falls, C falls by MPC times C0. D) C will always equal C0.
While economic regulation applies to ________ industries, social regulation applies to ________ firms.
A. all; individual B. particular; all C. utility; healthcare D. particular; individual