Marginal costs are defined as
A. the change in the decisions that are made by households and firms.
B. costs that are viewed as marginal; of little or small importance.
C. the change in total costs due to a one-unit change in production.
D. costs that represent a change, but one that cannot be measured correctly.
Answer: C
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If a good has zero external costs, then
A) marginal social cost equal marginal private cost. B) marginal social cost is greater than marginal private cost. C) marginal social cost is less than marginal private cost. D) we need more information to determine the relationship between private and social costs.
In the classical model, what is the impact of changes in the demand for goods and services on aggregate output? Do they affect any real variables?
What will be an ideal response?
Determining whether the income distribution accurately reflects performance ability is possible, although difficult
Indicate whether the statement is true or false
Firms in perfectly competitive markets: a. are price takers
b. are price makers. c. influence price by varying the quality of output. d. sell heterogeneous products.