Marginal cost is the minimum price that producers must receive to induce them to produce another unit of a good or service
Indicate whether the statement is true or false
TRUE
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The situation in which expansionary fiscal policy does not lead to a rise in aggregate output is referred to as
A) fiscal neutrality. B) a recession. C) complete crowding out. D) inflation.
Investment in safety at the firm level poses a prisoners' dilemma because
A) if each firm plays its dominant strategy, joint profits are maximized. B) if each firm plays its dominant strategy, joint profits are not maximized. C) neither firm has a dominant strategy. D) the Nash equilibrium is not achieved.
The European Economic Community was created in 1957 by:
a. France, the United Kingdom, Italy, Belgium, the Netherlands, and Luxembourg. b. France, West Germany, Italy, Belgium, the Netherlands, and Luxemburg. c. France, West Germany, Italy, Belgium, the Netherlands, and the United Kingdom. d. France, West Germany, Italy, the United Kingdom, Belgium, the Netherlands, and Luxembourg. e. France, West Germany, Italy, Belgium, the United Kingdom, and Luxembourg.
Suppose that real domestic output in an economy is 300 units, the quantity of inputs is 50, and the price of each input is $9. The per-unit cost of production is:
A. $0.67. B. $55.00. C. $33.33. D. $1.50.