If the marginal cost were $18, output would be
A. 1.
B. 2.
C. 3.
D. 4.
C. 3.
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For a business, opportunity cost measures
A) only the cost of labor and materials. B) only the implicit costs of the business. C) the cost of all the factors of production the firm employs. D) only the explicit costs the firm must pay. E) all of the firm's costs including its normal profit and its economic profit.
Suppose a consumer wants to obtain the highest possible satisfaction from goods purchased on a fixed budget. Which of the following must be equal for all goods?
a. Total utility. b. Marginal utility. c. Average utility. d. Marginal utility per dollar.
The consumer surplus lost because monopolists restrict the production of output represents a welfare loss because: a. it is transferred to producers in the form of profit
b. consumers pay a higher price than they would in a more competitive market. c. society is not using its scarce resources in the best way possible. d. of both a. and b., but not c.
Camila is a homemaker. Last week, she was busy with her normal household activities. How would the Bureau of Labor Statistics classify her?
a. A member of the civilian labor force who is employed. b. A member of the civilian labor force who is unemployed. c. A member of the civilian labor force who is underemployed. d. A discouraged worker who is not a member of the labor force. e. Not a member of the labor force.