A firm's marginal cost equals the:
a. ratio of total cost to total quantity.
b. slope of the demand curve under perfect competition.
c. slope of the total product curve when the latter is at its maximum.
d. change in total cost divided by the change in total output.
e. slope of the supply curve.
d
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Refer to the figure above. What is the equilibrium quantity of bottled water?
A) 10 units B) 20 units C) 30 units D) 40 units
A tariff is a tax imposed by a government on imports
Indicate whether the statement is true or false
Government failure describes a situation where government activity creates negative externalities
Indicate whether the statement is true or false
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower