Refer to Table 13-2. What is the marginal profit from producing and selling the 5th case?
A) $275 B) $145 C) $35 D) $20
D
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If a short-run fixed cost is sunk, then
A) losses can be minimized by shutting down. B) the firm should keep producing to cover the sunk cost. C) the cost cannot be avoided by shutting down. D) Both B and C.
When agricultural production increases, the total amount paid for agricultural products tends to
a. increase because demand is price elastic b. decrease because demand is price elastic c. increase because demand is price inelastic d. decrease because demand is price inelastic e. remain constant because demand is price inelastic
Which of the following was not a cause of the Great Recession?
a. Deregulating nationally chartered banks but not state-chartered banks. b.Government incentives to increase home ownership. c. Government encouragement of creative home-buying strategies. d. Relaxation of bank underwriting standards. e. All of the above were causes of the Great Recession.
Which of the following is not a tool of monetary policy?
a. open market operations b. reserve requirements c. changing the discount rate d. increasing the government budget deficit