Exhibit 7-12 Marginal revenue and cost per unit curves
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As shown in Exhibit 7-12, the firm's short-run supply curve is the:
A. entire marginal cost curve.
B. rising part of marginal cost beginning at E.
C. rising part of marginal cost beginning at F.
D. entire marginal revenue curve.
Answer: B
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A) vouchers. B) marginal benefits from producing a good or service. C) marginal cost from producing a good or service. D) marginal external cost. E) a government good.
Marty's Bird House suffers a short-run loss. Marty can reduce his loss below the amount of his total fixed costs by continuing to produce if his revenue
A) exceeds his implicit costs. B) exceeds his nonmonetary opportunity costs. C) exceeds his marginal costs. D) exceeds his variable costs.
As interest rates rise, other things equal,
A) investment decreases. B) money demand decreases. C) capital inflows increase. D) All of the above.
An association of producers in an industry that agree to set common prices and output quotas to prevent competition is
A) a tariff. B) a patent. C) economies of scale. D) a cartel.