________ utility is the additional satisfaction gained by consuming ________ of a good.
A. Total; no more units
B. Total; one more unit
C. Marginal; one more unit
D. Marginal; all units
Answer: C
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Households increase the quantity of labor supplied when the
A) real wage rate rises because the opportunity cost of not working rises. B) income tax rises because an increase in the income tax increases the demand for labor. C) nominal wage rate falls because the opportunity cost of not working rises. D) nominal wage rate rises because the real wage rate must also rise. E) real wage rate rises because the opportunity cost of not working falls.
A price support set above the equilibrium price does which of the following?
i. decreases producer surplus ii. decreases consumer surplus iii. decreases the marginal cost of the last unit produced A) i and ii B) i and iii C) ii and iii D) i, ii, and iii E) ii only
Marginal resource cost is defined as the
a. additional cost of producing an additional unit of output b. change in resource employment required to increase the units of output produced c. ratio of marginal revenue product to the market price of the output sold d. additional cost of employing one additional unit of a resource e. ratio of the change in total resource usage to the change in total resource cost
When the long-run average total cost curve is horizontal, a firm has economies of scale.
Answer the following statement true (T) or false (F)