Refer to Figure 8.3. The marginal cost of the 10th basketball is
A) $2.
B) $3.
C) $3.05.
D) $5.80.
A) $2.
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"Capital dilution" refers to ________
A) the flow of investment in the "bathtub model" B) the depreciation of capital associated with an increase in the percentage of younger workers C) the decline in the marginal product of capital that results from reliance on new, inexperienced workers D) the decrease in capital per worker that is a direct consequence of an increase in the number of workers
Which of the following statements about the concept of opportunity cost is true?
A. The opportunity cost of a decision is the cost of all possible alternatives to the good produced. B. Many decisions do not involve an opportunity cost. C. If you have an economics final and an American history final tomorrow, the opportunity cost of studying five hours for your economics exam is the five hours you cannot study for your history exam. D. The opportunity cost of a college education at a school where you have to drive 100 miles per week is the cost and maintenance of owning an automobile to drive to and from school.
Which of the following explains why a $100 billion reduction in consumption spending might decrease equilibrium real GDP by more than $100 billion?
A. Say's law. B. The quantity theory of money. C. Flexible resource prices. D. The multiplier principle.
Refer to the table below. If the government introduced a guaranteed price floor of $40 and agreed to purchase surplus output, then the government's total support payments to producers would be:
Answer the question based on the following supply and demand schedules in units per week for a product.
A. $3,000 per week
B. $3,500 per week
C. $4,000 per week
D. $2,500 per week