A firm's incentive to compare marginal revenue and marginal cost is an application of the principle that rational people think at the margin
a. True
b. False
Indicate whether the statement is true or false
True
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Based on the above figure of the costs at Barney's Bagel Bakery, at which level of output will diminishing marginal returns first occur?
A) at 1 bagel B) at 500 bagels C) at 2000 bagels D) at 3000 bagels
If the demand for cigarettes decreases after the U.S. Surgeon General publicizes five new diseases associated with smoking, this is conclusive evidence that the demand for cigarettes is elastic
Indicate whether the statement is true or false
In the model of the money supply process, the bank's role in influencing the money supply process is represented by
A) the excess reserve. B) both the excess reserve and the market interest rate. C) the currency ratio. D) only borrowed reserves.
An example of an in-kind benefit is
A. a welfare payment. B. capital gains. C. a charitable contribution of money. D. public housing.