Marginal resource cost is:
A. The increase in variable costs resulting from producing one more unit of output
B. The increase in fixed costs resulting from producing one more unit of output
C. The same as the marginal cost of the product
D. The same as the resource price when a firm is acquiring the resource in a purely competitive market
D. The same as the resource price when a firm is acquiring the resource in a purely competitive market
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In the long run, a country will experience an increasing standard of living only if it experiences
A) a high rate of consumption. B) a slow rate of population growth. C) continuous technological change. D) a high rate of labor force growth.
Is the federal government budget today in surplus or deficit?
What will be an ideal response?
During a hot summer weekend, the only supermarket near the beach decides to charge consumers $6.50 for the first 12-pack of soda pop, $5.50 for the second and third 12-packs, and $5.25 for all subsequent purchases during the same shopping trip
This would be considered A) an example of declining-block pricing. B) not very smart since consumers will buy soda pop regardless of the price. C) an example of monopoly pricing. D) an example of an inelastic demand curve.
The accompanying table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15. Number of Car Washes Per MonthTotal Monthly Benefit from Car Washes0$01$202$363$484$565$60 What is the marginal cost of the 5th car wash each month?
A. $15 B. $4 C. $14 D. $12