Refer to Scenario 3. The marginal cost of producing the sixth unit of output is:
A) $33.33 (approximate).
B) $55.
C) $200.
D) $250.
B
You might also like to view...
A 10 percent increase in income increases the quantity of orange juice demanded from 19,200 to 20,800 gallons. The income elasticity of demand for orange juice is
A) 0.5. B) 0.8. C) 1.0. D) 1.2.
What is the income approach to measuring GDP?
What will be an ideal response?
The introduction of a subsidy in a perfectly competitive marketplace that is originally in equilibrium will raise total surplus
a. True b. False Indicate whether the statement is true or false
Which of the following government activities is motivated by a concern about efficiency? Check all that apply.
A. Breaking up Standard Oil (which once owned 90% of all oil refineries) into several smaller companies B. Imposing higher personal income tax rates on people with higher incomes C. Providing some poor people with vouchers that can be used to buy food D. Regulating cable TV prices E. Prohibiting smoking in public places F. Instituting laws against driving while intoxicated