Tom is willing to contribute $400 toward building a public park, Jack is willing to contribute $500, and Joe is willing to contribute $750
What is the total marginal value for the park if Tom, Jack, and Joe are the only residents in the neighborhood where the park is being built? A) $1,650
B) $1,050
C) $3,300
D) $2,350
A
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Which of the following is a nominal quantity?
A. The amount of coal mined in one month B. The current price of a barrel of oil C. The number of people unemployed D. The number of cars produced in 2005
Which of the following products witnessed a high growth in the number of producers within a few years of market introduction, but was followed by a fast and substantial shakeout?
a. Tortilla b. Penicillin c. Livestock d. Fastfood
Suppose a monopoly firm produces bicycles and can sell 10 bicycles per month at a price of $700 per bicycle. In order to increase sales by one bicycle per month, the monopolist must lower the price of its bicycles by $50 to $650 per bicycle. The marginal revenue of the 11th bicycle is
A. $7,150. B. -$50. C. $150. D. $50.
Each of the following is a variable cost except
A. raw material costs. B. hourly wages. C. rent. D. advertising costs.