Total cost is
A) \TFC - TVC.
B) TFC/TVC.
C) TFC + TVC.
D) AFC + AVC.
C) TFC + TVC.
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In a market with positive externalities, the market equilibrium price will be less than the efficient equilibrium price
Indicate whether the statement is true or false
Which of the following is least likely to be an example of peak/off-peak pricing?
A. Breakfast cereals B. Hotels C. Toll roads D. Electricity
Marginal utility is defined as the
a. extra satisfaction the consumer receives from an extra $1 of income b. total satisfaction a consumer receives consuming goods c. difference between total satisfaction and the extra satisfaction a consumer receives consuming a good d. extra satisfaction a person derives from consuming an additional unit of a good e. ratio of the utility a good provides to the price of that good, i.e., MU = U/P
When economists say that the supply for a product has decreased, they mean that the
A. product has become more expensive and thus consumers are buying less of it. B. supply curve has shifted to the left. C. product has become particularly abundant for some reason. D. supply curve has shifted to the right.