Refer to Figure 5-2. The marginal benefit of the last unit produced is represented by the price
A) Pa. B) Pb. C) Pc. D) Pf.
B
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Jessica owns a company that makes pre-packaged sandwiches for convenience stores. The market price for a sandwich is $5 and Jessica is a price-taker. Her daily variable cost for making sandwiches is C(Q) = 2.5Q + (Q2/40) and her marginal cost is MC = 2.5 + (Q/20). What is the average cost of a sandwich at the quantity of sandwiches Jessica should be selling each day?
A. $1.25 B. $2.50 C. $3.75 D. $6.25
An increase in consumers' incomes raises the equilibrium price and quantity of fine clothing
Indicate whether the statement is true or false
Differentiate between an open and a closed economy? Do you agree that US economy is more open among the advanced industrial countries in the world?
In the aggregate demand–aggregate supply model, a decrease in income taxes can be illustrated by an
A. outward shift of the aggregate demand curve. B. inward shift of the aggregate demand curve. C. inward shift of the aggregate supply curve. D. outward shift of the aggregate supply curve.