Generally, marginal costs ____ as quantity increases?
A) rise.
B) fall.
C) remain constant.
D) equal marginal benefits.
E) equal total costs.
A
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Firms operating in competitive markets produce output levels where marginal revenue equals
a. price. b. average revenue. c. total revenue divided by output. d. All of the above are correct.
From 2013 to 2014, the CPI for medical care increased from 150 to 159 . What was the inflation rate for medical care?
a. 5.7 percent b. 6.0 percent c. 9.0 percent d. 59.0 percent
A trade surplus occurs when:
A. The dollar value of exports exceeds the dollar value of imports. B. The gains from trade are not fully realized. C. A country does not have a comparative advantage in any goods. D. The cost of goods is so high that imports exceed exports.
Leader countries that experience modern economic growth early on will always grow faster than follower countries.
a. true b. false