If a firm's total costs are $100 when 10 units of output are produced and $103 when 11 units of output are produced, the marginal cost of the 11th unit is
A. $1.
B. $3.
C. $5.
D. $9.36.
Answer: B
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The supply curve is upward sloping because of
A) increasing marginal cost. B) decreasing marginal benefit. C) decreasing marginal cost. D) increasing marginal benefit. E) increasing total cost.
_____ is the only type of firm where it is possible for a person to hold all of the information that matters for all types of decisions
a. Corporation b. A firm where decision-making is centralized c. Sole proprietorship d. A firm where there is separation of ownership and management
Pete throws leftover bread onto his front lawn because he enjoys watching the pigeons feeding. His neighbor John is not happy about the pigeons, since they leave a mess on his property. This is an example of a nice gesture causing a
a. negative externality b. public good c. positive externaility d. third-party benefit e. free-rider outcome
The main international repercussion of either a fiscal expansion or monetary contraction is to
a. raise interest rates and the exchange rate, thereby crowding out net exports. b. raise interest rates and lower the exchange rate, thereby crowding in net exports. c. lower interest rates and the exchange rate, thereby crowding in net exports. d. lower interest rates and raise the exchange rate, thereby crowding out net exports.