The marginal cost curves slope upward because of the principle of
A) decreasing marginal benefits.
B) increasing marginal cost.
C) increasing marginal benefits.
D) decreasing marginal cost.
E) decreasing total benefit.
B
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Specialization and exchange develop under conditions of
A) massive ignorance. B) a total conflict of interests. C) coercion and exploitation. D) none of the above.
Diane Rae is a farmer in the perfectly competitive industry of sugar cane. She knows that she can sell more output than she currently does
a. only by lowering the price of her sugar cane b. only if she is able to drive out some of her competition c. without affecting the market price d. by raising the barriers to entry so that more of the market is left to those like herself who are already in the industry e. only if she can develop a patent on sales
Inflation refers to a one-time price increase in a particular market
a. True b. False Indicate whether the statement is true or false
The market demand curve in an oligopolistic market is downward sloping
a. True b. False Indicate whether the statement is true or false