What does the term "marginal" mean in economics?
A) the edge of a market
B) secondary
C) an additional or extra
D) trivial
E) illegal
C
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In the long run, more costs become fixed
Answer the following statement true (T) or false (F)
When stock prices fall significantly, people may feel less wealthy and thus decide to consume less of their current flow of disposable income. In our consumption function, this can be represented by a
A) fall in (Y - T). B) rise in T. C) rise in c. D) fall in a.
Joey's Lawncutting Service rents office space from Joey's dad for $300 per month. Joey's dad is thinking of increasing the rent to $400 per month. As a result Joey's marginal cost of cutting grass will
A) increase by $100 divided by the amount of grass cut. B) increase by $100. C) decrease by $100. D) not change.
Which of the following would reduce the supply of baseball hats?
a. An increase in the demand for baseball hats. b. A new tax imposed on the producers of baseball hats. c. A reduction in the price of cloth used to make baseball hats. d. All of the above.