Marginal resource cost refers to the:
A. increase in total revenue resulting from the sale of the extra output of one more worker.
B. price at which additional units of a resource can be hired in an imperfectly competitive
resource market.
C. increase in total cost resulting from the production of one more unit of output.
D. amount by which a firm's total resource cost increases as the result of hiring one more unit
of the resource.
Answer: D
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
A commercial bank's reserves are
A) bonds issued by the U.S. government that are very safe. B) the provision of funds to businesses and individuals. C) currency in its vault plus the balance on its reserve account at a Federal Reserve Bank. D) savings and time deposits. E) its loans.
The income effect explains why there is a direct relationship between the price of a product and the quantity of the product demanded
Indicate whether the statement is true or false
In 1994, the Walt Disney Corporation ran a special promotion on tickets to Disneyland. Residents of southern California who lived near the amusement park were offered admission at the special price of $22
Other visitors to Disneyland were charged about $30. This practice is an example of: A) collusion. B) price discrimination. C) two-part tariff. D) bundling. E) tying.