The marginal (dollar) cost of an additional plate of food to a patron at an "All-You-Can-Eat" restaurant is:
a. equal to the price paid for the meal divided by the number of plates of food consumed.
b. equal for every plate of food consumed during the meal
c. equal to zero.
d. equal to the price paid for the meal (since there is no such thing as a free lunch).
c
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Refer to Table 4.1, which shows Flo's and Rita's individual supply schedules for frozen latte-on-a-stick. Assuming Flo and Rita are the only suppliers in the market, what is the market quantity supplied at a price of $5?
A) 3 B) 12 C) 15 D) 27
Which of the following types of mortgage loans became more common during the housing boom of the early-to-mid 2000s?
A) those with flawed credit histories B) thirty-year, fixed-rate mortgages C) prime Mortgages D) those with down payments of at least 20%
Technological advancement implies:
a. the increase in the quantity of inputs needed to produce a given quantity of output. b. the reduction in the quantity of inputs needed to produce a given quantity of output. c. the reduction in the productivity of a sector of the economy that has become obsolete. d. an increase in the labor to capital ratio in any production process. e. the growth in the natural resource endowment.
Variable costs are zero when quantity is zero because variable costs ______.
a. are the same regardless of output b. are not incurred without production c. are not used to calculate total costs d. are implicit and cannot be quantified