Managers undertake an investment only if
a. Marginal revenue is greater than zero
b. Marginal costs is less than marginal revenue
c. Marginal revenue is greater than marginal costs
d. Investment decisions do not depend on marginal analysis
c
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As time passes after a change in the price, the supply of a good or service
A) becomes more elastic. B) becomes less elastic. C) initially becomes more elastic and then becomes less elastic. D) initially becomes less elastic and then becomes more elastic.
A double coincidence of wants means that
a. wanting a good means having the money to actualize that want b. goods satisfy wants as well as needs c. the goods you want are wanted by others as well d. if you want a good, you have to have something that the owner of the good wants e. if you want a good, it's strictly accidental whether the good you want will be supplied
The United States spends much more on health care per capita than other nations do but does not get better health outcomes.
Answer the following statement true (T) or false (F)
Which of the following is an example of an organization using marginal analysis?
a. A government official considering what effect an increase in military goods production will have on the production of consumer goods. b. A farmer hoping for rain. c. A businessman calculating economics profits. d. A hotel manager calculating the average cost per guest for the past year.