The added revenue that a firm takes in when it increases output by one additional unit is _______ revenue.
A) total
B) marginal
C) variable
D) fixed
B) marginal
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An increase in people's expected future disposable income ________ saving supply, and the supply of loanable funds curve ________
A) decreases; shifts rightward B) does not change; does not shift C) increases; shifts rightward D) increases; shifts leftward E) decreases; shifts leftward
Refer to Figure 5-7. The marginal cost of reducing pollution curve is the same curve as
A) the demand for pollution reduction curve. B) the value of pollution reduction curve. C) the negative externality curve. D) the supply of pollution reduction curve.
How would you describe the world distribution of income?
A) persistently unequal B) temporarily unequal C) converging D) fairly equal E) completely unpredictable
The most important factor in determining the long-run profit potential in monopolistic competition is
A) free entry and exit. B) the elasticity of the market demand curve. C) the elasticity of the firm's demand curve. D) the reaction of rival firms to a change in price.