Marginal Cost is
A. the per unit fixed cost of production.
B. the per unit variable cost of production.
C. the addition to cost associated with one additional unit of output.
D. the per unit cost of production.
Answer: C
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Refer to Scenario 12.1. By what approximate percentage will Jennifer's income increase from age 25 to age 60?
A) 287 percent B) 400 percent C) 452 percent D) 561 percent
When calculating the cost of college, which of the following should you probably include?
a. The cost of your meal plan for the cafeteria. b. The cost of books required for college classes c. The income you earn at your part-time job. d. The cost of living in the dormitory.
Use the table below to answer the following question.UnitsMaximum Willingness to PayMarket PriceMinimum Acceptable Price1$14$8$2212843108648885681064814What is the value of economic surplus in the table above?
A. $8 B. $24 C. $12 D. $0
It may be unrealistic to assume that consumer tastes are the same across nations and invariant with respect to income:
A. so it is not one of the HO assumptions. B. but it is an HO assumption because it enables the analysis to focus on other issues that drive trade and prices. C. but it actually is true so it is an HO assumption. D. and it is not an HO assumption because consumer tastes within a nation are not relevant to international trade.