The additional cost incurred as a result of undertaking an action is:
a. the opportunity benefit.
b. the marginal benefit
c. the total cost.
d. the marginal cost.
d
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In a perfectly competitive market, when the price is below the minimum average total cost for all firms:
A. accounting profits will be positive. B. firms will likely enter the market. C. the price will eventually rise once enough firms have left the market. D. economic profits will be equal to zero.
Spending for ______ is heavily influenced by international tensions.
a. Social Security b. local grants c. transfer payments d. defense
In the short run, a change in the nominal exchange rate brings an equivalent change in the real exchange rate
Indicate whether the statement is true or false
If the quantity of fishing poles demanded is represented by the demand equation QD = 60 - P, then to solve for the price of fishing poles, the equation would be rewritten as
A) P = -60 + QD. B) P = QD + 60. C) P = 0.6QD + 10. D) P = 60 - QD.