The cost of producing one more unit of a good:
a. increasing marginal returns
b. total cost
c. marginal revenue
d. marginal product of labor
e. marginal cost
Ans: e. marginal cost
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Bill's Lawn service starts the year with 20 lawn mowers. During the year, 3 mowers break and are not worth fixing. Bill also expands his business and buys 10 more mowers. Bill's gross investment is ________ mowers
A) 13 B) 10 C) 30 D) 27 E) 7
Which of the following is a test of the statistical significance of a particular regression coefficient?
A) t-test B) R2 C) F-test D) Durbin-Watson test
When quantity demanded is very sensitive to changes in price, we can say that:
(a) Demand is inelastic. (b) Demand is elastic. (c) Supply is inelastic. (d) Demand is perfectly inelastic.
Employment tends to fall when aggregate output falls.
Answer the following statement true (T) or false (F)