If the marginal cost of producing the tenth unit of output is $3, and if the average total cost of producing the tenth unit of output is $2, then at ten units of output, average total cost is rising
a. True
b. False
Indicate whether the statement is true or false
True
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Enacting a law controlling rents near a major university will increase the affordable housing for college students.
Answer the following statement true (T) or false (F)
Refer to Figure 4-1. If the market price is $3.00, what is the consumer surplus on the second ice cream cone?
A) $0 B) $0.50 C) $3.00 D) $5.50
Profit maximization occurs at the quantity where marginal cost equals marginal revenue
a. True b. False
A compensation structure that generates much higher pay rates for the top performers, while those whose productivity is only a little lower receive substantially less compensation, is called
a. tournament pay. b. competing differentials. c. dueling executives. d. winner take all.