Which of the following statements is true?
a. MC = ?TC/ ?Q
b. MC = TFC/Q
c. MC = ATC/Q
d. MC = Q/L
e. none of the above
a. MC = ?TC/ ?Q
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The exchange of goods and services directly without money is called:
a. creative destruction. b. barter. c. arbitration. d. currency trade. e. illegal trade.
Assume that the government provides a cash transfer to each family regardless of their market earnings. Given this transfer, which of the following hypotheses about labor supply is correct?
a. Labor supply will increase because the income effect outweighs the substitution effect. b. Labor supply will increase because leisure is an inferior good. c. The income effect will reduce labor supply; there is no substitution effect. d. Labor supply will be constant since wages are unaffected.
Refer to Figure 16.3. A shift from AS1 to AS2 could be caused by
A. An increase in immigration restrictions. B. A decrease in tariffs on imported goods. C. An increase in OSHA regulations. D. An increase in environmental regulations.
All of the following would cause the aggregate demand curve to shift EXCEPT
A. a decrease in the price level. B. improvements in economic conditions in other countries. C. an increase in taxes. D. a rise in real interest rates.