Graph If this is a trading (open) economy, the price of a car will be:
a. $6,000 per car
b. $8,000 per car
c. $10,000 per car
d. $14,000 per car
c. $10,000 per car
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A college student decides to spend the afternoon watching three movies rented from Red Box. The cost of each movie is $1. The student was willing to pay $4 to rent each of the first two movies and $2 to rent the third movie. What was the marginal benefit received by the student when renting the 3rd movie?
A. $1 B. $8 C. $4 D. $2
A public good is one that is supplied to
a. only people who pay for it b. only people who do not pay for it c. all people, regardless of whether they pay or not d. the government from private firms e. foreign governments from our federal government
Tools used by economists include
a. historical study. b. mathematical reasoning. c. statistical inference. d. All of the above are correct.
Total physical product shows what happens to the quantity of an output when the firm changes the quantity of an input
a. True b. False Indicate whether the statement is true or false