Marginal cost is the ________ one more unit of a good and ________ of the good increases
A) opportunity cost of producing; increases as production
B) opportunity cost of producing; decreases as production
C) price that must be paid to consume; increases as consumption
D) price that must be paid to consume; decreases as consumption
A
You might also like to view...
The financial crisis of 2008 was triggered by:
A. a speculative bubble in the U.S. housing market. B. austerity measures introduced by the U.S. government to reduce the federal deficit. C. increased trade with China. D. the economic integration of the European Union.
Given 'M' represents money supply, 'V' represents velocity of money, 'P' represents the price level, and 'Q' represents the total domestic output. Which of the following correctly describes the equation of exchange?
a. MV = P + Q b. MV = P - Q c. MV = P ??Q d. MV = P/Q
Wilbur's Widgets, a widget company, produces 100 widgets. Its average fixed cost is $5 and its total variable cost is $300. What is the total cost of producing 100 widgets?
A. $300 B. $305 C. $500 D. $800
Of the administrative costs for the SNAP program,
A. states bear 50 percent of the costs. B. 100 percent are paid out of federal tax revenues. C. federal, state, and local governments split the costs evenly. D. states pay 100 percent.