What is a marginal benefit?
What will be an ideal response?
A marginal benefit is the additional benefit resulting from a small increase in the production of a good.
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The entry of firms into a perfectly competitive industry causes the supply curve to
a. increase its slope. b. decrease its slope. c. move toward the right. d. move toward the left.
A profit-maximizing monopolist that produces in the short run will
a. produce the level of output where marginal revenue exceeds marginal cost by the largest amount. b. increase output as long as the marginal revenue exceeds the marginal cost of producing that unit. c. produce the level of output where average total cost is at a minimum. d. increase price as long as the average revenue exceeds the average total cost. e. produce the level of output where average revenue exceeds average total cost by the largest amount.
What did the actions of the Federal Reserve during the 1990's demonstrate about monetary policy and rules?
Arbitrage with two currencies is NOT possible when:
a. there is an exchange rate difference in two markets. b. traders are familiar with markets. c. the exchange rates are in equilibrium, and the same is occurring in all markets. d. the exchange rates are extremely volatile.