Based on the following table, the additional cost of producing the 170th unit of output is: 
A. $10.50
B. $13
C. $11.50
D. $15
E. none of the above
Answer: D
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Which of the following are not subsets of the ability-to-pay principle?
a. horizontal equity b. vertical equity c. diagonal equity d. beneficial equity
In economic terminology, when a resource is used to produce output it is referred to as
A) an intangible. B) a factor of production. C) a service. D) a fifth element.
An increase in the tax rate on interest income
a. raises the amount earned on savings. Saving will rise if the income effect of the increase in the tax rate is larger than the substitution effect. b. raises the amount earned on savings. Saving will rise if the income effect of the increase in the tax rate is smaller than the substitution effect. c. reduces the amount earned on savings. Saving will fall if the income effect of the increase in the tax rate is larger than the substitution effect. d. reduces the amount earned on savings. Saving will fall if the income effect of the increase in the tax rate is smaller than the substitution effect.
If the price elasticity of demand for food is low, an increase in supply due to an improvement in technology will result in a ________ price and ________ in total revenue.
A. lower; a decrease B. higher; a decrease C. lower; an increase D. higher; an increase