The difference between price and average total cost is
A) total costs.
B) marginal costs.
C) average profit.
D) an irrelevant quantity.
C
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Free entry is said to exist in an industry when:
A) all firms entering an industry enjoy economies of scale. B) entry is unfettered by any special legal or technical barriers. C) equal amounts of inputs are available to all firms entering an industry. D) the government subsidizes costs for all new firms entering an industry.
The measured distribution of ________ is a more accurate indicator of the degree of economic inequality than the measured distribution of ________ because ________ data does not include ________
A) income; wealth; wealth; human capital B) wealth; income; income; holdings of real estate C) wealth; income; income; human capital D) income; wealth; wealth; employment information
What happens to the MP of labor when the market price of the good produced increases?
a. Increases proportional to price. b. Decreases proportional to price. c. Stays the same. d. Falls because quantity demanded falls.
What is meant by marginal revenue?
What will be an ideal response?