A firm's marginal cost is the increase in its total cost divided by the increase in its
A) quantity of labor.
B) average cost.
C) output.
D) average revenue.
C
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The number of times per year, on average, that a dollar is spent on final goods and services is known as
A) the income velocity of money. B) the price of money. C) the money supply. D) the equation of exchange.
Suppose in some country that the first $5,000 of interest income is exempt from income tax. If the government then removed this exemption
a. the interest rate and investment would rise. b. the interest rate would rise and investment would fall. c. the interest rate would fall and investment would rise. d. the interest rate and investment would fall.
In the market for used cars, the lemons model predicts that:
A. sellers are less likely to sell low-quality cars than high-quality cars. B. sellers are more likely to sell low-quality cars than high-quality cars. C. sellers are more likely to understate the condition of their cars. D. buyers are more likely to overstate their reservation price.
Markets require a physical location to permit sellers to supply money to buyers for goods and services.
Answer the following statement true (T) or false (F)