Production should be expanded if marginal cost is greater than marginal revenue
Indicate whether the statement is true or false
False
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Scarcity raises both price and marginal utility but generally reduces total utility.
Answer the following statement true (T) or false (F)
Nursing home care is covered by
A. Medicaid, regardless of income or wealth. B. Medicaid, but only for the poor. C. Medicare, Part A. D. Medicare, Part B.
The value of the marginal product of any input is equal to the marginal product of that input multiplied by the
a. wage. b. marginal cost of the output. c. change in total profit. d. market price of the output.
Total revenue will decrease when
A. the price elasticity of demand equals 1.20 and price rises. B. price and quantity change in opposite directions. C. the price elasticity of demand is negative. D. the price elasticity of demand equals 1.00 and price falls.