The marginal cost of a good is:
a. always smaller than the average cost of the good.
b. the cost of producing an additional unit of the good.
c. the cost of producing all the units of a the good
d. always greater than the price of the good.
b
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A firm's total cost in the short run is the sum of its fixed cost plus its variable cost plus its marginal cost
Indicate whether the statement is true or false
Describe how the risk premium for a person with a convex utility function is determined
What will be an ideal response?
The ruling in the shrimp-turtle case resulted in:
a. the United States being able to ban shrimp caught with nets unsafe for sea turtles. b. the WTO upholding the environmental standard but ruling against the United States on technical grounds that it did not provide sufficient notice; after negotiation, however, the WTO reversed its decision. c. the WTO refusing to hear the case. d. a ruling that upheld the environmental standard.
Which of the following is an advantage of? corporations?
A. Longevity B. Managerial demands C. Simplicity D. Reporting requirements E. Potential for conflict