What is a marginal cost?
What will be an ideal response?
A marginal cost is the additional cost resulting from a small increase in the production of a good.
You might also like to view...
When a surplus of rice occurs,
A) the price of rice rises. B) the price of rice falls. C) there is a balance between the forces of supply and demand. D) the quantity demanded is greater than quantity supplied at the current price. E) the demand curve shifts rightward and the supply curve shifts leftward to eliminate the surplus.
The best public policy solutions to address the disruptions of foreign trade typically do not involve ____________.
a. politics b. public opinion c. economics d. protectionism
According to classical economists, the government should increase government purchases when
A. the economy is in a recession. B. the economy is likely to go into a recession in the next six months to a year. C. inflation is lower than its targeted level. D. the benefits of the spending exceed the costs.
In the long run, if the price level increases, then nominal wages and other input prices:
A. Also rise, so firms will reduce their output level B. Also rise, so firms will not change their output level C. Not change, so firms will not change their output level D. Decrease, so firms will increase their output level