The marginal cost is the:
a. b and c.
b. change in total cost as the quantity changes by one unit.
c. change in total variable cost as the quantity changes by one unit.
d. change in total fixed cost as the quantity changes by one unit.
e. same as the fixed cost when average fixed cost is at a minimum.
a
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Suppose that an economy can produce various combinations of fish and bread. If more people with strong fishing skills became employed in this economy, how would the production possibilities curve (PPC) change?
a. The PPC would shift outward on the fish axis, but would not change on the bread axis. b. The PPC would shift outward equally along both the fish and the bread axes. c. The PPC would shift inward on the bread axis, but would not change on the fish axis. d. The PPC would shift inward equally along both the fish and the bread axes.
Money, such as gold, with some intrinsic value is called _____. Money with no intrinsic value is called _____
Fill in the blank(s) with correct word
Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfare is $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1,400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfare is $450. If the Chicago-Atlanta round-trip air fare were $350, should you use the coupon to go to Miami?
A. No, your economic surplus would be -$100. B. Yes, your economic surplus would be $50. C. Yes, your economic surplus would be $400. D. No, your economic surplus would be -$50.
If one looks at U.S. Census data and finds that the average white salary is $39,000 while the average black salary is $36,000, which of the following is not likely to be a significant cause of this difference given U.S. labor market demographics?
A. Whites are more likely than blacks to own their own business. B. Whites are more inclined than blacks to work part-time. C. Whites are more likely than blacks to hold positions in upper management. D. Blacks have less education than whites. E. Discrimination exists in the labor market.