Total cost falls when marginal cost is ________, and total cost rises when marginal cost is ________
A) negative; positive B) positive; negative C) zero; negative D) zero; positive
A
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The figure above shows Cindy's demand for CDs per year. a) What is Cindy's total consumer surplus if the price of a CD is $12? b) What is Cindy's total consumer surplus if the price of a CD is $9? c) What happens to Cindy's consumer surplus when
the price of a CD falls?
Gross domestic product (GDP) is a satisfactory measure of both economic "goods" and "bads"
a. True b. False Indicate whether the statement is true or false
Which of the following actions would the Fed take to fight inflation?
(A) Increase the money supply. (B) Reduce the money supply. (C) Increase government spending. (D) Raise taxes.
Which one of the following is the best example of an oligopolistic industry?
A. long-distance telephone service B. wheat growers C. apple growers D. public utilities