The marginal cost curve:
a. Declines initially as output increases and rises with further increases in output
b. Is equal to the average variable cost curve
c. Rises initially as output increases and declines with further increases in output
d. Is always constant
a
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A tariff can best be described as
A. an excise tax on an imported good. B. an excise tax on an exported good. C. a government payment to domestic producers to enable them to sell competitively in world markets. D. a law that sets a limit on the amount of a good that can be imported.
Fill in the blank: National income accountants who measure GDP try to avoid the ________ problem by only measuring the market value of all final goods and services produced within a country
A) double trouble B) double indemnity C) double counting D) double jeopardy E) double-your-pleasure
A firm should never produce any output if
A) P < AVC. B) P < ATC. C) AR < ATC. D) MR < MC.
The change in people's purchasing power that occurs when the price of one good that they purchase changes is the
A. law of diminishing marginal utility. B. substitution effect. C. price income effect. D. real-income effect.