Refer to Table 4-3. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the price of polo shirts increases from $15 to $20
A) producer surplus will rise from $13 to $28.
B) there will be a surplus of polo shirts.
C) the marginal cost of producing the third polo shirt will increase to $20.
D) consumers will buy no polo shirts.
A
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A. its extra benefit is greater than or equal to its extra cost. B. its average benefits exceed its average costs. C. its net benefit (benefit minus cost) is zero. D. its total benefits exceed its total costs.
If income is $20 billion, the price level is 5, and the stock of money is $10 billion, what is the income velocity of money?
A. 0.4 B. 2.5 C. 4 D. 10
In economics, transaction costs refer to the
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In short-run equilibrium, the quantities supplied and demanded of Real GDP can be less than or greater than Natural Real GDP
Indicate whether the statement is true or false