Marginal factor cost is defined as the amount that an additional unit of the variable input adds to ____
a. marginal cost
b. variable cost
c. marginal rate of technical substitution
d. total cost
e. none of the above
d
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Let P be the output price for a particular good. Why is the value P*MPL greater than MRPL for a monopolist?
A) The monopolist is not as technically efficient as firms operating under perfect competition. B) The monopolist hires less labor, so MPL is higher under a monopoly than under perfect competition. C) The monopolist sets a price that is higher than MR. D) A and C are correct. E) B and C are correct.
The economic impact of a change in spending, working through the multiplier, takes effect
a. immediately. b. very quickly, with a small number of rounds of spending. c. after a very long period of time. d. after multiple rounds of spending occur.
Of federal government spending, less than _____ percent goes to foreign aid and about _____ percent pays the interest on the federal debt.
Fill in the blank(s) with the appropriate word(s).
Air pollution generated by a steel mill is an example of
A. a negative production externality. B. the free-rider problem. C. a positive production externality. D. a public good.