The long-run marginal cost (LMC) is the increase in the cost incurred by the firm when producing one additional unit of output, holding:
A. neither the workforce nor the production facility constant.
B. the workforce and the production facility constant.
C. the workforce constant.
D. the production facility constant.
Answer: A
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A consumer who buys any amount of a good will realize a positive consumer’s surplus from that good.
Answer the following statement true (T) or false (F)
Moral hazard occurs when:
a. Individuals and institutions do not bear the full cost of their own mistakes. b.Individuals and institutions make immoral decisions based on greed. c. General social decay leads to unethical business decisions. d. The actions of one (or a few) result cause harm to others, when the same would not occur if the actions were by many. e. All of the above are examples of moral hazard.
The two types of imperfectly competitive markets are
a. monopoly and monopolistic competition. b. monopoly and oligopoly. c. monopolistic competition and oligopoly. d. monopolistic competition and cartels.
Saving is a(n) ________ and wealth is a(n) ________.
A. asset; liability B. stock; flow C. flow; stock D. liability; asset