The change in total costs when output changes is called
A) average variable costs.
B) marginal product.
C) average total cost.
D) marginal cost.
D
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During Thanksgiving you participated in a pumpkin-pie eating contest. You really enjoyed the first two pies, the third one was okay, but as soon as you ate the fourth one you became ill and lost the contest. After the third pie, your total utility:
A. stayed the same. B. increased, but by less than for the first three pies. C. was zero. D. decreased.
National defense services provided by the military are:
A. included in GDP at cost. B. excluded from GDP because they are not sold in markets. C. excluded from GDP because they are intermediate goods. D. included in GDP at market prices.
Accounting profits are total revenues minus
A. explicit costs and all other relevant opportunity costs. B. explicit costs. C. explicit and implicit costs. D. all relevant opportunity costs.
A change in ________ results in a movement along the short-run aggregate supply curve but does not shift the short-run aggregate supply curve
A) the money wage rate B) technology C) the quantity of capital D) the price level