Refer to Scenario 1-4. Using marginal analysis terminology, what is another economic term for the incremental cost of producing the last 500 cigars?
A) explicit cost B) operating cost
C) marginal cost D) Any of the above terms are correct.
C
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In the United States, how does the income received by the richest 20 percent of individuals compare with the income received by the other 80 percent?
What will be an ideal response?
Does inflation result from increases in aggregate demand, short-run aggregate supply, or long-run aggregate supply?
What will be an ideal response?
What is the maximum amount of good X that can be purchased if X and Y are the only two goods available for purchase and Px = $10, Py = $20, Y = 5, and M = 400?
A. 40 B. 80 C. 30 D. 20
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.