Considering capital, marginal factor cost is defined as the
a. extra output produced by employing one more unit of capital (or loanable funds)
b. extra total cost attributed to employing one more unit of capital (or loanable funds)
c. contribution of capital (or loanable funds) to the final product
d. change in capital (or loanable funds) required to produce one more unit of output
e. change in total revenue contributed by an extra unit of capital (or loanable funds)
B
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When an individual's income goes up, that individual may choose to supply less labor, resulting in a backward-sloping labor supply curve
a. True b. False Indicate whether the statement is true or false
Economists believe that most people act to increase their expected ______.
a. personal satisfaction b. personal income c. power d. control
Figure 3-3
In , if the initial demand for margarine were D1, the impact of an increase in the price of margarine from $0.35 to $0.40 per pound on consumer purchases would be illustrated as
a.
a shift in the demand curve to D2.
b.
a shift in the demand curve to D3.
c.
a movement upward to the left along the original demand curve D1.
d.
none of the above.
Because capitalism is practiced in the United States, misleading advertising is permitted.
a. true b. false