Refer to Figure 3.4. What is the marginal cost of the 15th hour spent on this activity?
A. $80
B. $5.33
C. $2.66
D. $4.00
D. $4.00
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If the marginal utility of a product is diminishing relative to the marginal utility of other products, then _____
a. the consumer is in equilibrium b. the consumer has been purchasing relatively less of the product c. the consumer has been purchasing relatively more of the product d. the price of the product must have increased e. the price of the product must have decreased
Changes in aggregate demand can cause fluctuations in _____ and _____ in the short run, and only ____ in the long run
Fill in the blank(s) with correct word
When a tax on a good starts small and is gradually increased, tax revenue will
a. rise b. fall c. first rise and then fall d. first fall and then rise e. do none of the above
The MPC can be defined as the
A. change in income divided by the change in consumption. B. ratio of income to saving. C. change in consumption divided by the change in income. D. ratio of saving to consumption.