What is meant by the term "marginal change"?
What will be an ideal response?
A marginal change is a small, one unit change in value.
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Of the following OECD countries, which has the lowest infant mortality rate?
A) the United Kingdom B) Japan C) Canada D) the United States
Which of the following refers to a natural monopoly?
a. A monopoly resulting from government control b. A monopoly resulting from economies of scale c. A monopoly resulting from output leadership d. A monopoly resulting from a large advertising budget e. A monopoly resulting from trade restrictions
Holding the nonprice determinants of supply constant, a change in price would
a. result in either a decrease in supply or an increase in supply. b. result in a movement along a stationary supply curve. c. result in a shift of demand. d. have no effect on the quantity supplied.
Use the above figure. At an output equal to "Q" the total variable cost for the firm will be the area
A. OQAB. B. OQEB. C. OQDC. D. OQFA.