If marginal cost is greater than average total cost then
a. profits are increasing
b. economies of scale are becoming greater
c. average total cost remains constant
d. average total cost is increasing
e. average total cost is decreasing
D
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Darnell can work on an oil rig, where the probability of being killed in a work-related accident is 4/6,000, or he can earn work as a lumberjack, where the probability of being killed in a work-related accident is 1/6,000
Using the compensating differential approach, the value of Darnell's life is $6 million. How much more per year will working on an oil rig pay than working as a lumberjack? A) $2,000 B) $3,000 C) $4,000 D) $6,000
The table above gives Jane's total utility from magazines and CDs. The price of a magazine is $4 and the price of a CD is $10 and Jane's budget is $88. What is Jane's marginal utility per dollar spent on magazines at her consumer equilibrium?
A) 36 units B) 15 units C) 9 units D) 5 units
A six-month decline in GDP is known as a
A. depression. B. productivity increase. C. recession. D. trade deficit.
In perfect competition, which is NOT true?
A. Both concentration ratios and Rothschild indexes tend to be close to zero. B. At least one firm has a perceptible impact on the market price. C. There are a large number of firms, and each is small relative to the entire market. D. Firms produce homogeneous goods.