Marginal cost can be defined as the:
A. Change in total fixed cost resulting from one more unit of production
B. Change in total cost resulting from one more unit of production
C. Change in average total cost resulting from one more unit of production
D. Change in average variable cost resulting from one more unit of production
B. Change in total cost resulting from one more unit of production
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Producer surplus is the amount a seller receives for a good or service
Indicate whether the statement is true or false
In the real business cycle model, output and employment are
a. determined by real supply-side variables. b. determined by supply and demand factors. c. always at their natural rates. d. both a and c. e. None of the above
The Federal Constitution, like the laws under English rule, permitted the U.S. government to
(a) impose taxes to pay for government services and national defense. (b) regulate commerce with other countries. (c) create money and regulate its value. (d) do all of the above.
If depositors become worried about the safety of their deposit accounts, they may trigger a
A. deposit surplus. B. bank run. C. fiscal policy crisis. D. required reserve increase.