Marginal cost ________ as the quantity produced is increased
A) first increases and then decreases
B) first decreases and then increases
C) always increases
D) always decreases
B
You might also like to view...
The change in cost that results from a one-unit increase in output is called the
A) average fixed cost. B) per-unit variable cost. C) per-unit total cost. D) marginal cost. E) average cost change.
The Federal Open Market Committee consists of the seven members of the ________, the president of the Federal Reserve Bank of New York, and ________
A) Council of Economic Advisors; four members of the U.S. Banking Committee B) Council of Economic Advisors; four presidents from the 11 Federal Reserve banks C) Federal Reserve's Board of Governors; four presidents from the other 11 Federal Reserve banks D) Federal Reserve's Board of Governors; four members of the Council of Economic Advisors
Which of the following is not considered an ultimate target that the monetary authority attempts to control?
a. Growth in real GDP b. The rate of unemployment c. The rate of inflation d. The money supply
Early Keynesians concluded that the quantity of money was not important because they assumed
a. low interest elasticity of money demand and high interest elasticity of the demand for output. b. high interest elasticity of money demand and low interest elasticity of the demand for output. c. high interest elasticity of money demand and high interest elasticity of the demand for output. d. both low interest elasticity of money demand and of the demand for output.