Marginal product is represented by:
A. the x-axis of the total production curve.
B. the slope of the total production curve.
C. total product minus the total cost.
D. total revenue minus total cost.
Answer: B
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Imposing a tax on an activity that generates an external benefit will cause participants in the activity to increase the amount of the activity undertaken
a. True b. False
If a tax is levied on the sellers of a product, then the demand curve will
a. shift down. b. shift up. c. become flatter. d. not shift.
An example of a perfectly competitive market would be the market for
a. tennis racquets. b. pizza. c. garbage collection. d. wheat.
Consider an outcome in which it is impossible to make one player better off without simultaneously making the other player worse off. We can conclude that this outcome
a. cannot be a Nash equilibrium. b. must be Pareto optimal. c. will not occur when the players use mixed strategies. d. is a Stackelberg equilibrium.