Refer to Figure 8.3. The marginal cost of the ninth basketball is
A) less than $2.
B) $2.
C) $3.
D) greater than $3.
A) less than $2.
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In the U.S., government expenditure accounts for
a. 10% of GDP b. 20% of GDP c. 40% of GDP d. government expenditure is not included in GDP
Which of the following is most likely to represent causality rather than association?
A. In years that fashion dictates wider lapels on men's jackets, the stock market grows by at least 5 percent. B. Interest rates are higher in years ending with a 1 or a 6. C. Unemployment falls when the AFC champion wins the Super Bowl. D. Quantity demanded goes up when price falls because lower prices increase consumer purchasing power, ceteris paribus.
If the demand for a monopoly's output shifts rightward, the change in quantity produced is NOT predictable because
A) the monopoly is a profit maximizer. B) the monopoly is a price taker. C) the monopoly has no supply curve. D) the monopoly's marginal cost curve might not be upward sloping.
In 2003, conservation groups paid western cattlemen to move their herds away from wild buffalo herds so that the buffalo would have more feed and not have to compete with the cattle. What has this got to do with regulation and the Coase Theorem?
What will be an ideal response?