In the above figure, the marginal cost of the last unit produced by the profit maximizing firm is
A) $5.
B) $10.
C) $15.
D) $20.
B
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When the unemployment rate is ________ the natural unemployment rate, real GDP is ________
A) above; increasing B) above; above potential GDP C) below; above potential GDP D) below; increasing E) equal to; either equal to potential GDP or above potential GDP
The table above represents the marginal cost and marginal benefit associated with pizza (in terms of movies). What quantity of pizza should be produced if resources are to be used efficiently?
A) 5 pizzas B) 6 pizzas C) 7 pizzas D) 8 pizzas
How has the structure of the personal income tax changed and the share of taxes paid by various income groups changed in recent decades?
During the past 50 years, the production possibilities of the United States have expanded, increasing both short-run and long-run aggregate supply. Other things constant, this would lead to
a. an expansion in output and an increase in prices. b. an expansion in output and a decrease in prices. c. no change in either output or prices. d. no change in output and a decrease in prices.