Marginal cost is the added expense of producing one more unit of output.
Answer the following statement true (T) or false (F)
True
Marginal cost is the added expense of producing one more unit of output.
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A decrease in the price of resources will cause the aggregate supply curve to
a. shift outward. b. shift inward. c. become flatter. d. become steeper.
In general, it is reasonable to assume that the average person's standard of living is ____________ in a ____________ economy than in a ____________ economy.
A. higher; money; barter B. lower; barter; money C. higher; barter; money D. lower; money; barter a and b
A monopoly can earn positive profits because it
a. can sell unlimited quantities at any price it chooses. b. takes the market price as given and can sell unlimited quantities. c. can set the price it charges for its output but faces a horizontal demand curve. d. can maintain a price such that total revenues will exceed total costs.
Over the past few decades, Milton Friedman was the leading spokesman for
A. monetarism. B. the rational expectations theory. C. Keynesianism. D. new classical theory.