The physical output that is due to the addition of one more unit of a variable factor of production is
A. average total cost.
B. marginal cost.
C. marginal product.
D. average product.
Answer: C
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For a monopolist that does not price discriminate, economic profit is maximized in the short run at a price of $140 . Marginal revenue at that output level is
a. equal to $140 b. greater than $140 c. less than $140 d. less than marginal cost e. greater than average revenue
Argentina in 2001 faced a debt problem more serious than the U.S. debt problem because Argentina was obligated to repay its debt in
A. U.S. dollars. B. their own currencies. C. a relatively short period of time. D. large installments.
The labor force is defined as
A. the number of people who are working. B. the number of people over 16 years of age. C. the sum of the employed and the unemployed. D. the number of people in blue-collar jobs.
Which of the following is a question answered with positive economic analysis?
A. Should the college provide more financial aid assistance? B. Should the college offer free parking for students? C. If the college increased tuition, will class size decline? D. Should the college cut tuition to stimulate enrollment?