The change in total cost that results from the production of one additional unit is called:
A. marginal revenue.
B. average variable cost.
C. marginal cost.
D. average total cost.
Answer: C
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Normally, when a governmental price control affects the price, it can be expected to result in a
A. reduction in the number of units purchased only when the price is forced down. B. reduction in the number of units purchased when the price is forced down and an increase number of units purchased when the price is forced up. C. decrease in the number of units purchased when the price is forced up or down. D. increase in the number of units purchased when the price is forced up or down.
Refer to Figure 7-1. At the market equilibrium, the deadweight loss is equal to
A) $0. B) $250,000. C) $500,000. D) $1,000,000.
The Bureau of Economic Analysis releases its first estimate of GDP for a particular quarter about a month after the quarter has ended, and continues to release revised GDP estimates for that quarter for
A) three additional months. B) the next 15 months. C) three years. D) more than three years.
The Western railroads had been granted vast amounts of land by the government. Consequently, they
(a) Held on to it tightly. (b) Produced a competitive market with homesteading. (c) Wanted to profit only from providing railroad services. (d) Hindered economic development by restricting new farms in the West.