When marginal cost curve is below an average cost curve, average cost is:
A. not varying with output.
B. increasing with output.
C. declining with output.
D. None of the statements is correct.
Answer: C
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The above figure shows the marginal benefits and marginal costs of a college education. The efficient number of students is
A) 0. B) 10 million. C) 15 million. D) 25 million.
As economists use the term, capital means
a. such things as machinery and equipment. b. such things as money and credit. c. the profits that come from hiring and using labor and natural resources. d. All of these.
For which of the following workers would the income effect be more likely to outweigh the substitution effect of an increase in wage?
A. Gardener B. Teacher C. Professional athlete D. Plumber
The supply curve shifts to the right when a seller sells a good.
Answer the following statement true (T) or false (F)