The increase in total cost resulting from producing one more unit of output is the marginal cost.
Answer the following statement true (T) or false (F)
True
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Which of the following is not an example of informal institutions?
A) Culture B) Laws C) Ethics D) Norms.
Which of the following is likely to lead to a decrease in the demand for tennis balls?
A. An increase in the expected future price of tennis balls. B. An increase in the price of tennis racquets. C. An increase in the price of tennis balls. D. An increase in the price of the rubber used to make tennis balls.
How does a company arrange to sell its products to people who are unwilling to pay the top price for them?
a) by allowing rebates to some preferred customers who buy a lot of goods b) by charging each customer the maximum amount they are willing to pay c) by charging different prices according to the group to which the buyer belongs d) by changing the product and selling a lesser one to people who are unwilling to pay for the top product
Refer to Figure 34.4. If an individual does not work, she or he will receive welfare benefits of
A. $12,500. B. $0. C. $5,000. D. $7,500.