Refer to the table shown. The marginal cost of producing the fourth unit of output is:Units of outputTotal cost05111216320423525626
A. $2.
B. $3.
C. $4.
D. $5.
Answer: B
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Differences in innate skills and the benefits associated with the division of labor result in
A) diminishing returns. B) self-sufficiency. C) absolute advantage. D) differences in productivity.
When an economy experiences deflation, consumption will:
A. decrease, because people will want to wait for prices to drop before spending. B. increase, because people will want to wait for prices to drop before spending. C. decrease, because people will lose value in their savings. D. increase, because people will lose value in their savings.
Will MPC plus MPS always equal one? Explain why or why not
Diseconomies of scale exist over the range of output for which the long-run average cost curve is:
A. constant. B. falling. C. rising. D. subject to diminishing returns.