If a firm shuts down in the short run and produces no output, its total cost will be
a. zero
b. equal to total variable cost
c. equal to total fixed cost
d. equal to explicit costs only
e. impossible to calculate
C
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If a production quota is set below the equilibrium quantity, at the quota quantity, marginal benefit is ________ marginal cost and the level of production is ________
A) greater than; inefficient B) greater than; efficient C) less than; inefficient D) equal to; efficient
Explain why a monopsony's marginal cost of labor is greater than the wage rate
What will be an ideal response?
The principal cause of the decline in the AFDC caseload between 1993 and 1997 was state-initiated reforms
Indicate whether the statement is true or false
Movement along an indifference curve causes the loss in marginal utility (MU) of one good to ____ the marginal utility (MU) gained from another good
a. exceed b. reduce c. equal d. maximize