Refer to the data. The marginal cost of producing the sixth unit of output is:
A. $24.
B. $12.
C. $16.
D. $8.
D. $8.
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Answer the next question based on the following data. All figures are in billions of dollars.Government purchases$15Consumption90Gross investment20Consumption of fixed capital5Exports8Imports12This nation's GDP is ________.
A. $116 B. $125 C. $150 D. $121
Suppose the average productivity of workers in Country A is equal to that of workers in Country B. If Country A has higher total efficiency units of labor than Country B, it implies that ________
A) Country B has a larger supply of workers B) Country A has a larger supply of workers C) Country B has a larger stock of capital D) Country A has a larger stock of capital
Suppose the conditions of the first welfare theorem hold. If the government redistributes income prior to production and trade occurring, the market outcome (resulting from production and trade) will be efficient so long as no deadweight loss is produced in the levying of redistributive taxation.
Answer the following statement true (T) or false (F)
Ceteris paribus, an increase in the supply of a good causes which of the following?
a. Lowers the equilibrium price, and reduces the quantity bought and sold. b. Raises the equilibrium price, and raises the quantity bought and sold. c. Raises the equilibrium price, and increases the quantity bought and sold. d. Lowers the equilibrium price, and increases the quantity bought and sold. e. Equilibrium price and equilibrium quantity change are indeterminate.