Moving along a PPF, marginal cost is
A) the cost of producing the first unit of a good or service.
B) the total cost, less the production of the other good or service.
C) greater than the opportunity cost.
D) equal to the opportunity cost of producing one more unit of a good or service.
D
You might also like to view...
The table above shows the total product schedule for Rick's Lawn Service, a yard care company. When the ________ worker is hired, the average product of labor ________ the marginal product of labor
A) 4th; exceeds B) 5th; exceeds C) 6th; exceeds D) 7th; is less than E) 7th; equals
When production increases, the average variable cost and average total cost curves:
A. cross. B. move closer together. C. become horizontal. D. spread farther apart.
Economics is the study of
A. how people spend their income. B. why people want certain goods and services rather than other goods and services. C. how people allocate their limited resources to satisfy their unlimited wants. D. how to get rich.
The video rental market can be described as a monopolistically competitive market. As a result of the economic profit earned by the first video rental outlets,
a. existing firms were able to successfully lobby the government for patent protection b. competitors were attracted to the industry, and their entry reduced economic profit c. demand dried up d. Blockbuster saw an opportunity to take over the industry e. competitors were discouraged from entering the industry