Economists use the equation ?TC/?q to calculate ______.
a. total product
b. marginal product
c. marginal cost
d. average cost
c. marginal cost
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If a price ceiling is imposed,
a. the market supply curve shifts to the right b. the market demand curve shifts to the left c. an excess demand for the good results d. the government would be required to buy the excess supply of the good e. the equilibrium price falls below the price level the government wishes to achieve
The government has traditionally dealt with externalities by directive rather than by price
Indicate whether the statement is true or false
Frictional unemployment is thought to explain relatively
a. short spells of unemployment, as is structural unemployment. b. long spells of unemployment, as is structural unemployment. c. short spells of unemployment, while structural unemployment is thought to explain relatively long spells of unemployment. d. long spells of unemployment, while structural unemployment is thought to explain relatively short spells of unemployment.
If MB grows smaller and MC grows larger as the activity level grows, then:
A. an interior action for which MB = MC is the best choice. B. net benefit can be increased by increasing the action. C. net benefit can be increased by decreasing the action. D. there is no best choice.