______ shows the potential cost for each level of output.
A. The product function
B. The cost function
C. The production process
D. The average marginal cost
Answer: B
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In the above figure, the economy is initially at point B. If the exchange rate falls, there is
A) a movement to point C. B) a movement to point A. C) a shift to AD2. D) a shift to AD1.
The practice by a monopolist of charging each buyer the highest price he/she is willing to pay is called
A) first-degree discrimination. B) second-degree discrimination. C) third-degree discrimination. D) fourth-degree discrimination.
The implicit cost incurred by a firm to use its resources to produce its output is the firm's
A) total cost. B) explicit cost. C) opportunity cost. D) accounting cost.
What would happen in the market for loanable funds if the government were to decrease the tax rate on interest income?
a. the supply of loanable funds would shift right and investment would increase. b. the supply of loanable funds would shift left and investment would decrease. c. the demand for loanable funds would shift right and investment would increase. d. the demand for loanable funds would shift left and investment would decrease.