Which term refers to the share of an activity's marginal cost that is paid for by people other than those who carry out the activity?
a. Beneficial cost
b. Incidental cost
c. Marginal private cost
d. Marginal social cost
b
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A decrease in the price of a good will cause a movement along the demand schedule to a higher quantity demanded.
Answer the following statement true (T) or false (F)
In the case study in the text involving calculator production, the fact that each calculator produced added $10.30 to cost and $12 to revenue made clear the value of ____ in determining whether or not to suspend production.
A. average fixed cost B. cost saving C. marginal analysis D. the level of fixed cost
Good governance is:
A. important to economic growth, but not to economic development. B. important to both economic growth and development. C. important to economic development, but not to economic growth. D. not important to either economic growth or development.
Marginal cost is the
A) change in average cost when an additional unit of output is produced. B) the additional output when total cost is increased by one dollar. C) additional cost of producing an additional unit of output. D) change in the price of inputs if a firm buys more inputs to produce an additional unit of output.