You have decided that you want to attend a costume party as Black Panther. You estimate that it will cost $40 to assemble your costume. After spending $40 on the costume, you realize that the additional pieces you need will cost you $25 more. The marginal cost of completing the costume is
A. $15.
B. $25.
C. $40.
D. $65.
Answer: B
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People who want to work but have stopped looking for work because they could not find jobs after actively searching are called
A) empowered. B) employed. C) discouraged workers. D) unemployed.
The dollar of the United States became the postwar world's key currency because of all EXCEPT
A) the early convertibility of the U.S. dollar in 1945. B) the special position of the dollar under the Bretton Woods system. C) the strength of the American economy relative to the devastated economies of Europe and Japan. D) central banks naturally found it advantageous to hold their international reserves in the form of interest-bearing dollar assets. E) the ease of transporting U.S. dollars compared with other currencies.
The economic way of thinking includes:
A) attention paid to the opportunity costs involved in any choice. B) the assumption that individuals choose to average out some objective. C) concern with the biological make up of decision makers. D) emphasis on how choices affect total values rather than marginal values.
A monopolist will set its production at a level where marginal cost is equal to _____.
(A) Total revenue (B) Marginal revenue (C) The equilibrium market price (D) Quantity supplied