Marginal cost generally ________ quantity produced.
A. rises with
B. determines
C. is not related to
D. falls with
Answer: A
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If the consumer price index is 120 in 2009 and 139.2 in 2010, then the rate of inflation for 2010 is 39.2 percent
a. True b. False Indicate whether the statement is true or false
To trust a potential cooperator until the first defection and then never cooperate thereafter is
a. a dominant strategy b. an irrational strategy c. a grim trigger strategy d. a non-cooperative finite game strategy e. a subgame imperfect strategy
The law of diminishing returns explains why
a. monopolies have a guaranteed profit margin b. short-run MC and AVC curves are U-shaped c. the production possibilities curve is bowed out d. long run supply curves are downward sloping e. total product is a straight line
Since World War II, tariff reductions have occurred in large part because of negotiations under the:
A. Industry and Trade Administration Act. B. Employment Act. C. Monetary Control Act. D. General Agreement on Tariffs and Trade.