Marginal cost is
A) the total cost of producing one unit of a good or service.
B) the average cost of producing a good or service.
C) the difference between the lowest price a firm would have been willing to accept and the price it actually receives.
D) the additional cost to a firm of producing one more unit of a good or service.
Answer: D
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Which of the following is true? a. A Nash equilibrium maximizes a player's welfare, regardless of the behavior of a competitor while a dominant strategy maximizes a player's welfare, given the actions of its competitor. b. A Nash equilibrium maximizes a player's welfare, given the actions of its competitor, while a dominant strategy maximizes a player's welfare, regardless of the behavior of
its competitor. c. A Nash equilibrium is just another name for a dominant strategy. d. A Nash equilibrium may or may not be a self-enforcing equilibrium.
Taxes adversely affect the allocation of resources because
a. they do not always fall more heavily on the rich than on the poor. b. the taxes collected are not enough to finance government spending. c. not everyone pays taxes. d. they distort prices and thus distort the decisions of households and firms.
Which of the following is a reason that banks are so heavily regulated?
A. Governments are concerned about the safety of deposits. B. The industry is a principal determinant of aggregate demand. C. Bank failures are contagious. D. All of these responses are correct.
The massive shift of population and industry out the large central cities from the late 1940s through the 1960s was caused by
A. terrorist attacks. B. the mechanization of agriculture. C. suburbanization. D. the widespread use of electricity. E. fear of nuclear war.