Marginal cost is the
a. change in total cost resulting from producing one more unit of output.
b. change in total fixed cost resulting from producing one more unit of output.
c. total cost when one more unit of output is produced.
d. total fixed cost when one more unit of output is produced.
a. change in total cost resulting from producing one more unit of output.
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Suppose consumer preference for beef starts to rise while the cost of raising beef continues to rise. In the market for beef, this would be represented by the equilibrium price ________ and the equilibrium quantity ________
A) increasing; increasing or decreasing B) increasing or decreasing; increasing C) decreasing; increasing or decreasing D) increasing or decreasing; decreasing
Which of the following is the clearest evidence of employment discrimination against minority employees?
a. The mean number of years of schooling of minority workers is lower than that of whites. b. The average hours worked by minority employees exceeds the hours worked by whites. c. The average wages of minority workers are lower than the average wages of whites. d. The average wages of minority employees are lower than the average wages of whites with similar productivity characteristics.
The lowest-income fifth of the U.S. population ordinarily earns about 20 percent of the income.
Answer the following statement true (T) or false (F)
Let supply be given by Q = -7.5 + 0.5P and demand by Q = 10 - 0.2P. What will be the equilibrium price in this market?
A. 10 B. 20 C. 25 D. 5