Marginal cost refers to the incremental cost arising from a decision.
Answer the following statement true (T) or false (F)
True
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In the long-run equilibrium in monopolistic competition, price equals marginal cost
Indicate whether the statement is true or false
What are some of the drawbacks, as you see them, to a program like Workfare?
What will be an ideal response?
When incomes fail and the qualities of steak purchased change, economists make the ceteris paribus assumption because: (check all that apply)
a. the assumption is important in distinguishing between macroeconomics and microeconomics. b. economists would otherwise be confused by the effects of changes of other variables on the quantity of steak purchased. c. income is the most important factor that influences the quantity of steak purchased. d. economists are able to account for all of the variables that impact the quantity of steak purchased. e. the assumption helps isolate the effects of a change in income on the quantity of steak purchased.
When a Japanese resident buys a good or service from a U.S. producer, there is a(n)
A. decrease in the demand for yen in the foreign exchange market. B. decrease in the supply of yen in the foreign exchange market. C. increase in the demand for yen in the foreign exchange market. D. increase in the supply of yen in the foreign exchange market.