The marginal cost is the
a. same as the variable cost when output is increasing
b. change in total cost as the quantity changes by one unit
c. change in average variable cost as the quantity changes by one unit
d. change in total fixed cost as the quantity changes by one unit
e. same as the fixed cost when average fixed cost is at a minimum
B
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In a balance of payments statement, the current account plus the financial account must equal the capital account
Indicate whether the statement is true or false
The above figure shows the payoff to two gasoline stations, A and B, deciding to operate in an isolated town. Suppose a $30 fee is required to enter the market. If firm A chooses its strategy first, then
A) firm A will not enter. B) neither firm will enter. C) both firms will enter. D) firm A will enter and firm B will not.
Which component of U.S. household spending has grown the most over the past ten years?
a. taxes b. savings c. spending on services d. spending on nondurable goods e. spending on durable goods
When a firm is operating at an output rate at which total revenue equal total costs, this is called
A. its shutdown point. B. its breakeven point. C. a loss. D. a short-run profit.