Marginal cost describes a change in _________ when output is expanded by one more unit.
A) average total cost
B) total cost
C) average variable cost
D) total fixed cost
Answer: B) total cost
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In an oligopoly, each firm knows that its profits
a. depend only on how much output it produces. b. depend only on how much output its rival firms produce. c. depend on both how much output it produces and how much output its rival firms produce. d. will be zero in the long run because of free entry.
The specificfactors model predicts that after immigration, the equilibrium wage in both industries in the destination nation:
a. rises. b. falls. c. remains the same. d. cannot be determined with the information given
Exhibit 3-4 Supply curves
In Exhibit 3-4, which of the following could have caused the shift in the supply curve from S1 to S2?
A. Increase in demand. B. Increase in materials cost. C. Decrease in the number of suppliers in the market. D. Decrease in wage rates.
given the list of assets which is most liquid
a. $500 worth of General Motors common stock b. $500 worth of General Motors bonds c. a $500 traveler's check d. a one-ounce gold coin