Marginal cost is defined as:
A) the change in total cost due to a one unit change in output.
B) total cost divided by output.
C) the change in output due to a one unit change in an input.
D) total product divided by the quantity of input.
A
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Sara looks into her closet and discovers a pair of like-new shoes she no longer wears because they give her blisters. From the economist's perspective, was Sara behaving rationally when she bought those shoes?
A) No. If any of a person's decisions have poor results, that person is irrational. B) Yes, as long as Sara didn't intentionally purchase blister-causing shoes. C) No. The rationality assumption states that rational people never make mistakes. D) It's not clear because psychology, not economics, deals with the rationality assumption.
The simultaneous occurrence of inflation and unemployment is called
a. depression b. downturn c. deflation d. demand-pull inflation e. stagflation
Scientific investigations that have no immediately obvious commercial applications are called
A. nonessential research. B. basic research. C. applied research. D. diffused research.
In the United States, union wages are about ______ percent higher than nonunion wages.
a. 1 b. 5 c. 15 d. 50