If a firm's marginal costs ________ then its ________
A) fall; best-response curve shifts
B) rise; forced out of the oligopoly
C) rise; output increases
D) fall; price falls
A
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Marginal benefit is the benefit that a person receives from consuming
A) a good or service until the person has grown tired of it. B) only goods and services that are free. C) one more unit of a good or service. D) all of the possible units of a good or service that can be consumed. E) one more unit of a good and is equal to the cost of producing the unit of the good.
Decreasing government spending ________ the price level and ________ equilibrium real GDP
A) increases; increases B) decreases; increases C) increases; decreases D) decreases; decreases
What would be the long-run equilibrium result of output expansion in a decreasing-cost industry?
Which of the following is the best example of an investment in human capital?
A. on-the-job training received by an apprentice electrician B. an increase in the number of hours worked per week by a worker in an unskilled laboring job C. the purchase of company stock by a worker D. payments into a retirement pension plan by a skilled laborer