Marginal cost is
a. the increase in total cost from producing one more unit of output
b. total variable cost per unit of output
c. fixed cost per marginal unit
d. average total cost divided by the quantity of inputs used
e. total cost per unit of output
A
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One bag of coffee beans is sold for $7 to a cafe that uses it to brew coffee which it sells to customers for a total of $15. A second bag of coffee is sold directly to Joan for $7, who uses it to brew coffee for her family every morning
What is the contribution to GDP from the purchases of coffee beans and coffee? A) $14 B) $29 C) $15 D) $7 E) $22
Limit pricing in a contestable market sets the price at the highest level that ________
A) maximizes the profit of an entrant B) maximizes the profit of the existing firm C) maximizes the profit of both the existing firm and the entering firm D) inflicts a loss on an entrant
According to the Weber-Fechner law, when the change in a stimulus is small in proportion to the original stimulus, the perceived size of the change will be:
A. small. B. large. C. greater than one. D. impossible to determine.
In a market economy, the distribution of output will be determined primarily by:
A. consumer needs and preferences. B. the quantities and prices of the resources that households supply. C. government regulations that provide a minimum income for all. D. a social consensus as to which distribution of income is most equitable.