Marginal cost is the opportunity cost
A) that your activity imposes on someone else.
B) that arises from producing one more unit of a good or service.
C) of a good or service that exceeds its benefit.
D) of a good or service divided by the number of units produced.
B
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Determining who receives scarce goods by the criterion of willingness to pay tends to enhance the freedom and power of people who want the goods because
A) it enables everyone to obtain at least a little of everything. B) it facilitates choice by everyone on the basis of their own specific situation. C) it gives everyone an equal chance. D) it makes sure the people who obtain scarce goods are the people who most deserve them. E) it puts genuine need ahead of politics.
A recent research signified the large health benefits of eating cooked tomatoes. Holding other things constant, this will cause
a. The demand curve for tomatoes to shift to the right b. The demand curve for tomatoes to shift to the left c. The supply curve for tomatoes to shift to the right d. The supply curve for tomatoes to shift to the left
If MPC = 0.8, how much government spending would be needed to close a recessionary gap of $500?
a. –100 b. +80 c. –80 d. +500 e. +100
The Phillips Curve will shift when
A. the expected inflation rate changes. B. the overall employment rate remains unchanged. C. the price level falls. D. none of these.