The increase in total cost that results from producing one more unit of output is the marginal cost.
a. true
b. false
a. true
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If a firm is earning negative accounting profits, it implies
a. That the firm's economic profits are zero b. That the firm's economic profits are positive c. That the firm's economic profits are negative d. More information is needed to conclude about economic profits
Using the expenditure approach, calculate the GDP for the United States during a one year period with hypothetical numbers. Be sure that the numbers for each category reflect a realistic proportion.
What will be an ideal response?
The supply curve of a product is based primarily on
a. consumer behavior
b. product decision making
c. government spending
d. none of the above
Regulation of a natural monopoly that forces it to price and produce as if it were a competitive firm results in
A) the market being instantly competitive. B) higher profits for the monopoly. C) economic losses for the monopoly. D) a highly unstable marketplace.