If the marginal cost were $13, how many units of output would this firm produce?
A. 1
B. 2
C. 3
D. 4
D. 4
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In the above figure, suppose the economy is initially on the demand for money curve MD1. What is the effect of a fall in the nominal interest rate?
A) The demand for money curve would shift rightward to MD2. B) The demand for money curve would shift leftward to MD0. C) There would be a movement upward along the demand for money curve MD1. D) There would be a movement downward along the demand for money curve MD1.
In the new classical model, workers and firms try to keep their real wages and relative prices from falling when ________
A) income falls B) they expect inflation to rise C) they expect inflation to fall D) they expect aggregate demand to fall
Suppose a budget line is drawn with X on the horizontal axis and Y on the vertical axis. A decrease in the price of X will cause:
a. an increase in the vertical intercept and no change in the horizontal intercept. b. a decrease in the vertical intercept and no change in the horizontal intercept. c. an increase in the horizontal intercept and no change in the vertical intercept. d. a decrease in the horizontal intercept and no change in the vertical intercept. e. a parallel, rightward shift of the budget line.
In factor markets, firms __________ and households ____________
a. demand resources; supply resources b. supply resources; demand resources c. demand resources; demand goods d. supply resources; demand goods e. supply resources; supply goods