The addition to total costs associated with the production of one more unit of output is referred to as
A) average cost.
B) marginal cost.
C) opportunity cost.
D) overhead cost.
Answer: B
You might also like to view...
The federal funds rate
A) is determined directly by firm demand for funds. B) is determined administratively by the Fed. C) is determined directly by household demand for funds. D) is determined by the supply of and demand for bank reserves.
If technological breakthroughs in the internet cause large numbers of firms to consider investment projects they hadn't previously thought of, then
A) a shift in the supply of loanable funds will cause interest rates to rise. B) a shift in the supply of loanable funds will cause interest rates to fall. C) a shift in the demand for loanable funds will cause interest rates to rise. D) a shift in the demand for loanable funds will cause interest rates to fall. E) there will be an excess supply of loanable funds.
If the economy experiences inflation and economic growth, this means that aggregate demand grows by more than aggregate supply
a. True b. False Indicate whether the statement is true or false
When it comes to people's tastes, economists generally believe that
a. tastes are based on forces that are well within the realm of economics. b. tastes are based on historical and psychological forces that are beyond the realm of economics. c. tastes can only be studied through well-constructed, real-life models. d. because tastes do not directly affect demand, there is little need to explain people's tastes.