________: the change in total cost of production as the output or total product of the business is expanded
Fill in the blank(s) with correct word
Marginal cost
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Assume the demand function for good X can be written as Qd = 80 - 3Px - 6Py + 10I, where Px = the price of X, Py is the price of Y and I is consumer income. If the price of Y decreases by 5 dollars, what would the reduction in Px have to be in order to keep the quantity demanded of Xunchanged by the change in the price of Y?
A) decreased by 10 dollars B) decreased by 5 dollars C) decreased by 2.5 dollars D) decreased by 1 dollar
Microeconomics includes the study of the
A) aggregate effects on the national economy. B) nationwide unemployment rate. C) reasons why the government changes interest rates. D) recessions and inflation in the global economy. E) choices made by individuals and businesses.
Real business cycle theory emphasizes the effect of ________ on economic performance
A) government spending B) the money supply C) aggregate supply shocks D) tax rates
In the short-run under perfect competition, which of the following is always true?
a. Economic profit earned by firms can be negative, zero, or positive. b. Economic profit earned by firms is always zero. c. Economic profit earned by firms can be zero or positive, but not negative. d. Economic profit earned by firms is positive, but not zero or negative.