Table 21.2Output (units per day)0102030Total cost (dollars per day)$40$54$62$80The marginal cost per unit between 20 and 30 units of output in Table 21.2 is
A. $4.00.
B. $1.80.
C. $18.00.
D. $1.60.
Answer: B
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c. Georgeland has both a comparative and an absolute advantage in producing clothing. d. Alland should specialize in the production of food.
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A) selling bonds in the open market. B) lowering the differential between the discount rate and the federal funds rate. C) selling dollars in foreign exchange markets. D) lowering the reserve requirement.
If the average variable cost curve is above the marginal cost curve, then
A) marginal costs must be decreasing. B) average variable costs must be increasing. C) marginal costs can be either increasing or decreasing. D) marginal costs must be increasing.