Marginal cost of a product is the incremental cost of one additional unit of input.
A. True
B. False
C. Uncertain
A. True
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The table above shows the total cost incurred by Sue's Coat Shop, a perfectly competitive firm. If the market price of a coat is $285, Sue's will maximize economic profit by selling ________ coats a day
A) 7 B) 11 C) 8 D) 9
If producers who hire labor in a competitive labor market decide to purchase the new automated machine that completes the work of 30 employees, we would expect the:
A. labor-supply curve in that market to shift left. B. labor-demand curve in that market to shift left. C. labor-supply curve in that market to shift right. D. labor-demand curve in that market to shift right.
Explain the natural unemployment rate and its relationship to inflation rate
What will be an ideal response?
If an individual is less careful about avoiding accidents or illness because she has health insurance, this is an example of:
A. the free-rider problem. B. the moral hazard problem. C. the adverse selection problem. D. the Coase theorem.