If the marginal private cost of producing one kilowatt of power in California equals five cents and the marginal social cost of each kilowatt equals nine cents, then the marginal external cost equals ________ per kilowatt
A) five cents
B) nine cents
C) four cents
D) fourteen cents
C
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Refer to Figure 13.1. All else equal, a decrease in government purchases would best be represented by a movement from
A) point A to point B. B) point B to point A. C) point B to point C. D) point C to point B.
Marginal revenue at the profit-maximizing/loss-minimizing amount is
A. $5.
B. $6.
C. $7.
D. $8.
Whenever an isoquant exhibits a diminishing marginal rate of technical substitution, the corresponding isoquants are:
A. concave to the origin. B. L-shaped. C. convex to the origin. D. linear.
?19742015Minimum wage per hour$ 2.00$ 7.25Weekly income from minimum wage$80.00$290.00Cost of a standard basket of goods$47.00$236Number of baskets per week1.701.23
Use Table 2.5 above to answer the question. What happened to the real value of the minimum wage between 1974 and 2015?
A. It remained the same. B. It increased. C. It decreased. D. It could not be determined from the given information.