Gallons of milk at a local grocery store are priced at one for $4.00, or two for $6.00 . The marginal cost of buying a second gallon of milk:
a. equals $6.00.
b. equals $4.00.
c. equals $3.00.
d. equals $2.00.
d
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Refer to Figure 9-3. With a quota in place, what is the quantity supplied by domestic producers?
A) 8 million pounds B) 10 million pounds C) 16 million pounds D) 18 million pounds
An individual will be considered risk neutral if:
a. he is indifferent between taking and not taking up the gamble. b. he pays someone to take away the gamble from him. c. he pays someone to allow him to take the gamble. d. he takes up the gamble under any situation.
In a market characterized by externalities, the market equilibrium fails to maximize the total benefit to society as a whole
a. True b. False Indicate whether the statement is true or false
Which of the following are sources of increased productivity?
A. Improved labor skills achieved by on the job training B. Increases in the amount of capital per worker C. Technological advances D. All of the above are sources of increased productivity.