The marginal product is the slope of the:
a. marginal cost curve.
b. total cost curve.
c. total product curve.
d. long-run average total cost curve
Ans: c. total product curve.
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The first Taco Bell 7-layer burrito you ate was extraordinary. The second one was good. The third one was pretty good. The fourth one was just kind of okay. This illustrates
A) utilitarianism. B) diminishing marginal utility. C) the benefits-received principle. D) transcendentalism.
Select the phrase that correctly completes the following statement. "A decrease in the expected future price caused an increase in the supply of smartphones. As a result,
A) the price of smartphones decreased and the demand for smartphones increased." B) the price of smartphones decreased. The lower price caused the supply of smartphones to decrease." C) the price of smartphones decreased and the quantity of smartphones demanded increased." D) the equilibrium quantity of smartphones decreased."
Which of the following is NOT true about this national income equation:
A) For the current account, CA, to improve, we may have to invest less than otherwise would be the case. B) For the current account, CA, to improve, we may have to save more to maintain the same amount of investment that includes foreign saving. C) For the current account, CA, to improve, the government may have to run budget surplus. D) A reduction in the trade deficit with one country will simply show up as an increase in a trade deficit with another country. E) None of the above.
Government has the power to reduce the _____ associated with air pollution by automobiles because it can force changes in car design, can impose taxes on drivers, and has the power to punish those who fail to comply
a. private cost b. transaction cost c. opportunity cost d. positive externality