If it costs Hobie $900 to produce 5 lamps and $1,200 to produce 6 lamps, then the difference of $300 is the marginal cost of producing the 5th lamp
Indicate whether the statement is true or false
FALSE
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Which of the following lists includes only capital resources (and therefore no labor or land resources)?
A. an ice arena; a professional hockey player; hockey uniforms B. a hydroelectric dam; water behind the dam; power lines C. the owner of a new startup firm; a chemistry lab; a researcher D. automobiles owned by a car rental firm; computers at the car rental agency; the vans that shuttle rental customers to and from the airport
When diminishing marginal utility starts happening as a person consumes more and more of a given good
A. total utility will increase at a diminishing rate. B. total utility will become negative. C. marginal utility will increase at a diminishing rate. D. total utility will decrease at a diminishing rate.
If the Fed decreases reserve requirements, the money supply will increase
a. True b. False Indicate whether the statement is true or false
A firm faces competitive markets for its inputs and its output. Its marginal revenue product of labor
A) is increasing in the output price. B) is decreasing in the output price. C) is independent of the output price. D) has an inverted U-shape.