A commodity is ____ if it is used up when someone consumes it.
A. marginal
B. scalable
C. depletable
D. replaceable
Answer: C
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Refer to Variable Cost of Production. The marginal cost of the fourth unit of output is
The following questions refer to the following table which shows a firm's variable costs of production.
a. $20 per unit.
b. $30 per unit.
c. $50 per unit.
d. $80 per unit.
Suppose you use your debit card to buy soda from a soda machine. Which of the following is true regarding the transaction?
A) The debit card is not money; it's only an instruction to make a loan. B) The debit card is money; your use reflects the exchange of a good. C) The debit card is not money; its use is only a tool to cause money to move from your account. D) Your use makes the debit card money, as funds are transferred between your account and the machine owner. E) Using the debit card is like using a check and is, therefore, money.
If resource prices are "sticky" downward and a recessionary gap develops, the short-run aggregate supply curve will: a. shift leftward to return the economy to its potential output
b. shift rightward to return the economy to its potential output. c. become a horizontal straight line. d. not shift rightward to return the economy to its potential output. e. become the long-run aggregate supply curve.
Because taxes distort incentives, they typically result in
a. deadweight losses. b. reductions in consumer surplus. c. reductions in producer surplus. d. All of the above are correct.