The shape of marginal cost is determined by
A) the shape of average cost.
B) the shape of marginal product.
C) the shape of total variable cost.
D) all of these choices.
B
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In Figure 6-3(b), as price falls from $15 to $6, total expenditure
A. falls. B. increases. C. remains constant. D. first falls and then increases.
In the case of a specific tax the resulting price received by producers depends on
A) who pays the tax. B) the price elasticity of supply. C) the price elasticity of demand. D) All of the above.
The Fed is institutionally independent. A major disadvantage of this is that monetary policy
a. will always be coordinated with fiscal policy. b. is not subject to democratic control as other policies are. c. will never offset fiscal policy. d. cannot be changed once it has been instituted.
The market demand curve shows
a. the effect of advertising expenditures on the market price of a good. b. the marginal cost of producing and selling different quantities of a good. c. the effect on market supply of a change in the demand for a good or service. d. the quantity of a good that consumers would like to purchase at different prices.