In the table below, what are the marginal costs of the fourth unit of output?
A. $30,000
B. $20,000
C. $10,000
D. $40,000
Answer: C
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The equation TR/Q is used to compute
A) total cost. B) average revenue. C) demand. D) marginal revenue.
The sum of the marginal propensity to consume (MPC) and the marginal propensity to save (MPS) always equals:
a. 1. b. 0. c. the interest rate. d. the marginal propensity to invest (MPI).
Which of the following is designated by point B’ in Exhibit 4?
a. Calvin has a higher opportunity cost than Wendy in cloth production.
b. By specializing in food, Wendy can produce 10 pounds of food per day.
c. Together Calvin and Wendy can produce 13 pounds of food per day.
d. Wendy has a higher opportunity cost than Calvin in food production.
If demand curve D2 represents a monopolistic competitor and demand curve D1 represents a perfect competitor, then
A. the perfect competitor has a more elastic demand curve than the monopolistic competitor.
B. the monopolistic competitor has a more elastic demand curve than the perfect competitor.
C. the perfect competitor and the monopolistic competitor have identical elasticity in their demand curves.
D. None of these choices are true.