According to the table shown, what is the firm's marginal cost from producing the 2nd unit?
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.
A. $10.00
B. $7.50
C. $27.50
D. $20.00
B. $7.50
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According to real business cycle models
A) the economy is normally operating below the natural rate of unemployment. B) unexpected changes in monetary policy are the major source of fluctuations in real GDP. C) the economy is normally at potential GDP. D) the long-run Phillips curve is negatively sloped.
Economic growth measured in terms of an increase in per capita real GDP is not a good measure of the distribution of income in a nation
a. True b. False Indicate whether the statement is true or false
Opportunities created by trade:
A) induce a greater degree of specialization. B) are evidenced by higher opportunity costs of production. C) are a result of absolute advantage. D) are few and far between.
When demand is perfectly elastic the entire tax burden falls on the _____.
Fill in the blank(s) with the appropriate word(s).