Refer to Scenario 10.6. If red rubber balls can be produced at any of the three plants, what is the marginal cost of 5th red rubber ball?
A) 4
B) 5
C) 8
D) 20
E) none of the above
A
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How does a quota affect the domestic price of the import, the domestic consumption, the domestic production, and the quantity imported?
What will be an ideal response?
To stay one step ahead of the forces of competition, a firm can adopt one of these strategies except
a. Cost reduction b. Product differentiation c. Advertising d. Reduction in the intensity of competition
First-come, first-serve allocation schemes promote efficiency
Indicate whether the statement is true or false
To minimize total costs for a particular rate of output, a firm will equate
A) the average cost of each factor. B) the marginal revenue of each factor. C) the marginal physical product per dollar spent on each factor. D) the marginal revenue product and variable marginal revenue for each factor.