Marginal cost is defined as
a. ?Q/?TC b. TC /Q c. ?TC/?Q d. Q/TC
c. ?TC/?Q
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If an industry could be organized either perfectly competitively or as monopoly, a monopoly would
A) produce less output. B) produce where P > MC. C) charge higher prices. D) All of the above
Because technology has automated so many functions, personal services have become cheaper in order to compete.
Answer the following statement true (T) or false (F)
Discuss why the discount rate may be considered a penalty rate of interest charged to banks.
What will be an ideal response?
For most goods, the real-income effect of a price change is
A) small because the good accounts for a small part of the consumer's budget. B) small because the decision to buy a good depends only on the income of a consumer. C) large because the price of the good is in terms of the currency and the income of the person is also in terms of the currency. D) zero because the real-income effect only applies to durable goods.