If it costs Vijay $150 to design 5 Web sites and $175 to design 6 Web sites, then $175 is the marginal cost of producing the 6th Web site
Indicate whether the statement is true or false
FALSE
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The downward slope of the production possibilities curve demonstrates:
a. the law of increasing opportunity cost. b. the law of comparative advantage. c. the law of diminishing marginal utility. d. the law of absolute advantage.
Which statement is true?
A. The most important factor affecting rent is location. B. The rent on a particular piece of land is based on the buildings located on that land. C. Rent on marginal land is very high. D. The rent on a particular piece of land never changes.
You observe that when stock prices rise, interest rates soon fall, and therefore conclude that higher stock prices lead to lower interest rates. This would be an example of:
A. The fallacy of composition B. Tradeoff among economic goals C. The post hoc fallacy D. The use of loaded terminology
According to new growth theory, economic growth is driven by
A. the division of labor. B. new ideas. C. higher birth rates. D. positive externalities.