Answer the following statement(s) true (T) or false (F)
1. Marginal Revenue measures the slope of the Demand curve.
2. Marginal Cost measures the slope of the total cost and total variable cost curves.
3. The Marginal Benefit of consuming an additional unit of a good tends to increase as the number of units consumed increases.
4. If a firm increases production from 120 units to 130 units, then its Marginal Revenue is 10.
1. False
2 True
3. False
4. False
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List five types of barriers to entry
What will be an ideal response?
An increase in costs associated with additional security measures taken by the airlines is most likely to lead to:
a. a decrease in equilibrium price and a decrease in equilibrium quantity. b. a decrease in equilibrium price and an increase in equilibrium quantity. c. an increase in equilibrium price and a decrease in equilibrium quantity. d. an increase in equilibrium price and no change equilibrium quantity.
Today, the share of international trade in U.S. GDP is
A) almost 0 percent. B) about 10 percent. C) close to 30 percent. D) more than 150 percent.
If the price of insulin is currently above the market-clearing level, then
A) there is a shortage of insulin. B) the market for insulin is fully coordinated. C) there is a surplus of insulin. D) insulin is no longer a scarce good.