Which of the following measures of cost is best described as "the increase in total cost that arises from an extra unit of production?"
a. variable cost
b. average variable cost
c. average total cost
d. marginal cost
d
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Wayne's Jacket Shop sells Wayne's jackets for $20 each. Wayne finds that his total revenues change according to the number of workers he hires, as shown in the table below.WorkersTotal Revenue1$1,00021,40032,00041,6005800What is the marginal revenue product of the fifth worker?
A. $400 B. -$800 C. $160 D. $2
Refer to Figure 5-7. The marginal cost of reducing pollution curve is the same curve as
A) the demand for pollution reduction curve. B) the value of pollution reduction curve. C) the negative externality curve. D) the supply of pollution reduction curve.
Refer to the graph shown. If the price were at the market equilibrium price, the total surplus would be the combination of the areas:
A. A, B, and E. B. A through F. C. A through D. D. E and F.
Suppose Kaylee withdraws $4,000 from her bank. If the reserve ratio is 25 percent, then this will lead to a decrease in M1 of:
A. $1,000. B. $4,000. C. $8,000. D. $12,000.