Costs due to an increase in activity is called
a. the total cost.
b. a negative marginal benefit.
c. a marginal cost.
d. an incentive loss.
Ans: c. a marginal cost.
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A major characteristic of monopoly is
A) a single seller of a product. B) multiple sellers of a product. C) two sellers of a product. D) a few sellers of differentiated products. E) a few sellers of an identical product.
Matt's real wage in 2014 is $26.80. If the price level is 104, what is Matt's nominal wage?
A) $30.80 B) $27.87 C) $26.80 D) $25.77
According to the infant industry argument, a new domestic industry needs protection because it has higher costs than established foreign competitors
a. True b. False Indicate whether the statement is true or false
Table 14.1Refer to Table 14.1. In which market do buyers underestimate the chance of getting a lemon?
A. 1 only B. 2 only C. 3 only D. 1 and 3 only