A firm estimates that when output is 10, its total costs are $900 . It also finds that when output is 11, its total costs are $920 . The marginal cost of the eleventh unit of output is:
a. $1.
b. $20.
c. $90.
d. $900.
e. $920.
b
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Firms will continue to enter a perfectly competitive industry until
A. the supply curve is vertical. B. the supply curve is meaningless. C. any excess returns have been competed away. D. all resources are fully employed.
A compensating differential is a difference in wages due to higher levels of education or other forms of human capital
a. True b. False Indicate whether the statement is true or false
International trade has the potential to
A. increase the availability of goods and services to those nations that export more than they import. B. increase the availability of goods and services to those nations that have an absolute advantage in the production of a good or service. C. increase the availability of goods and services to all nations. D. decrease the availability of goods and services to all nations.
If the price of product X rises, then the resulting decline in the amount purchased will:
A. necessarily increase the consumer's total utility from his total purchases. B. increase the marginal utility of the last unit consumed of this good. C. increase the total utility from purchases of this good. D. reduce the marginal utility of the last unit consumed of this good.