The extra cost that results from carrying out one additional unit of an activity is the ________ of the activity.
A. marginal benefit
B. reservation cost
C. marginal cost
D. opportunity cost
Answer: C
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The expansion of capital that can occur in the long-run but not, by definition, in the short-run, means that the long-run supply is
a. perfectly horizontal while the short-run supply curve is upward sloping. b. sloping downwards while the short-run supply curve is upward sloping. c. less elastic than the short-run supply curve. d. more elastic than the short-run supply curve.
One possible result of a fall in aggregate demand coupled with a stable short-run aggregate supply is
A) a recession. B) an increase in employment levels. C) an economic expansion. D) a rise in the stock market.
The Nash equilibrium for both stores is
a. For megastore to advertise and for superstore to advertise b. For megastore to advertise and for superstore not to advertise c. For megastore not to advertise and for superstore to advertise d. For megastore not to advertise and for superstore not to advertise
In a particular country in 2000 . the average worker needed to work 40 hours to produce 55 units of output. In that same country in 2008, the average worker needed to work 30 hours to produce 45 units of output. In that country, the productivity of the average worker
a. decreased by about 6 percent between 2000 and 2008. b. remained unchanged between 2000 and 2008. c. increased by about 9 percent between 2000 and 2008. d. increased by about 18 percent between 2000 and 2008.