Refer to Table 1-4. What is Eva's marginal cost if she decides to stay open for two hours instead of one hour?
A) $12 B) $24 C) $36 D) $71
A
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Which of the following predicts that there can be no sustained rise in real GDP per person above the subsistence level?
A) classical growth theory B) neoclassical growth theory C) new growth theory D) None of the above because all predict that there will be a sustained rise above the subsistence level.
Kansas Power and Light, the only supplier of electricity in Kansas, is an example of a firm in what type of market?
A) a monopoly market B) an oligopolistic market C) a perfectly competitive market D) a monopolistically competitive market
If the marginal propensity to save is 0.4, then a $2 million increase in disposable income will
A) increase consumption by $5 million. B) decrease consumption by $1.2 million. C) increase consumption by $1.2 million. D) decrease consumption by $5 million.
If any of the assumptions of perfect competition are violated,
A) supply-and-demand analysis cannot be used to study the industry. B) graphs with flat demand curves cannot be used to study the firm. C) graphs with downward-sloping demand curves cannot be used to study the firm. D) there may still be enough competition in the industry to make the model of perfect competition usable. E) one must use the monopoly model instead.