Use the above table and assume a fixed cost of $1000. At an output of 1, marginal cost is
A. 0.
B. $200.
C. $300.
D. $400.
D. $400.
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In a perfectly competitive market, an individual ________ has ________ influence over the market price of the good or service being sold
A) buyer; basically no B) seller; basically no C) buyer; a great deal of D) seller; a great deal of E) Both A and B are correct.
An economic model is:
a. a plastic scaled version of the economy. b. a complete depiction of reality. c. an abstraction from reality. d. applicable to consumer behavior but not to producer behavior. e. not an accepted tool of the economics profession.
Tanner decides to buy a bond from Joe for $1,000. The money supply will
A. increase by more than $1,000. B. decrease by $1,000. C. neither increase nor decrease. D. increase by $1,000.
The main difference between a monopsonist and a competitive buyer of labor is that
A. the competitor is a small firm while the monopsonist is a large firm. B. the competitor is also a competitor in product markets while the monopsonist is also a monopoly in product markets. C. the competitor can hire as many workers as it wants at the going wage while a monopsonist can force wages down when hiring additional workers. D. the competitor can hire as many workers as it wants at the going wage while a monopsonist must raise wages to hire additional workers.