If the economy is suffering a recession, inventories are probably falling.
Answer the following statement true (T) or false (F)
False
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When the marginal cost of producing a bike is greater than the marginal benefit of the bike, for resource use to be allocatively efficient,
A) more bikes should be produced. B) fewer bikes should be produced. C) no more and no fewer bikes should be produced. D) it must be determined if the production of bikes can be increased. E) people must be educated to demand more bikes.
Jason is trying to decide whether to buy a bagel or a muffin for breakfast. The bagel costs $0.50 and has a marginal utility of 5 . The muffin costs $1 and has a marginal utility of 20 . Which should he buy and why?
a. The muffin, because it has a higher marginal utility b. The muffin, because it has a lower marginal utility c. The bagel, because it costs less d. The bagel, because it has a higher marginal utility per dollar e. The muffin, because it has a higher marginal utility per dollar
Marginal revenue product is the
a. additional revenue from one additional dollar increase in price. b. change in the revenue product resulting from one additional unit of input. c. additional revenue from one additional unit of input. d. change in revenue resulting in one additional dollar in price.
Refer to the table below. The marginal revenue from the third unit of output is:
Use the table below to answer the question for a purely competitive firm.
A. $40
B. $50
C. $120
D. $160