When the marginal physical product is rising
A) total cost is falling.
B) average total cost is increasing.
C) marginal cost is falling.
D) marginal cost is rising.
Answer: C
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A student bought a used car for $10,000 and resold it one year later for $6,500 . Insurance, license, and operating costs for the year were $1,500 . What was his economic cost of owning and operating the car for the year if the market rate of interest was 10 percent?
a. $3,500 b. $5,000 c. $6,000 d. $8,500
The real interest rate is defined as the:
a. fixed rate on consumer loans. b. nominal interest rate minus the inflation rate. c. actual interest rate. d. expected interest rate minus the inflation rate.
To practice third-degree price discrimination, a pure monopoly must ________.
A. permit the resale of the product by the original buyers B. be able to separate buyers into different groups with different price elasticities C. charge one price to all buyers D. be a natural monopoly
The primary reason unionization in the United States has been declining is the shift of the U.S. labor force into service industries and out of manufacturing.
Answer the following statement true (T) or false (F)