The change in total variable cost which accompanies one extra unit of output is
A) the average total cost.
B) the average variable cost.
C) the average fixed cost.
D) marginal cost.
Answer: D
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Suppose the consumption function is C = $200 + 0.85YD. If disposable income is $400, consumption is
A. $540. B. $340. C. $200. D. $185.
An increase in the aggregate price level will result in less investment and therefore an increase in the quantity of aggregate output demanded.
Indicate whether the statement is true or false.
A minimum wage set above the market equilibrium wage rate ______
A. increases both employment and the quantity of labor supplied B. decreases unemployment and raises the wage rate of those employed C. raises the wage rate of those employed and increases the supply of jobs D. increases unemployment and decreases employment
Which of the following is a characteristic of a monopoly market?
A) many firms B) one firm C) easy entry D) Firm is a price taker.