Which of the following always decreases as output increases?
a. ATC
b. MC
c. AFC
d. TC
e. TVC
C
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The price at which a good or service is traded on international markets is called the ________ price.
A. world B. market C. universal D. international
Efficient production of a public good requires a. that individuals pay for such goods according to benefits received
b. that each individual's MRS be equal to the RPT of public goods for private goods. c. that the sum of individuals' MRSs be equal to the RPT of public goods for private goods. d. that governments produce at the low point of the average cost curve for the public good.
The intercept of a budget line measures the
a. amount of a good that a consumer will purchase b. maximum amount of a good that a consumer could purchase, given his consumption of some other good c. maximum amount of a good that could be consumed at given prices and income d. minimum amount of a good that could be consumed at given prices and income e. minimum consumption of a good consistent with utility maximization
When the economy has an income tax that is variable, the multiplier is
A. unchanged. B. larger. C. smaller. D. unpredictable.