A seller's willingness to accept is the same as his:
A) total cost of production. B) marginal cost of production.
C) fixed cost of production. D) average cost of production.
B
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The marginal benefit is the
A) additional gain from one more unit of an activity. B) additional cost from one more unit of an activity. C) loss of the highest-valued alternative. D) additional gain from one more unit of an activity minus the additional cost from one more unit of the activity.
Which of the following would indicate that price is temporarily above its market equilibrium?
A) There are a number of producers who are left with unwanted inventories. B) There are a number of customers who are looking for a good but cannot find sellers. C) New firms decide to enter the market. D) The government must step in and impose a tax on the good.
When marginal analysis is used to determine the optimal quantity of accident avoidance, all of the following are true except which one?
A) The sum of the expected cost of an accident and the cost of avoiding accidents is minimized. B) The expected marginal benefit of accident avoidance exceeds the marginal cost. C) The total cost of the accident is minimized. D) The expected marginal benefit of accident avoidance equals the marginal cost.
Briefly describe the difference between the following models: censored and truncated regression model, count data, ordered responses, and discrete choice data. Try to be specific in terms of describing the data involved
What will be an ideal response?