Marginal cost is defined by the slope of the total revenue curve.
Answer the following statement true (T) or false (F)
False
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In the above table, the production of 3 pizzas and 80 cases of soda is
A) impossible unless more resources become available or technology improves. B) feasible but would involve unemployed or misallocated resources. C) possible only if the economy produces with maximum efficiency. D) possible only if there is inflation.
Suppose Charley only purchases boardgames (B) and haircuts (H) with his income
If the price of boardgames increases by 100% while the price of haircuts increases by 300%, how will the MRT change (consider the budget constraint drawn on a graph with boardgames on the horizontal axis)?
Before the 1970s, bankers were happy with interest-rate ceilings because those ceilings: a. reduced interest-rate competition for deposits among banks. b. guaranteed them high profits
c. guaranteed them a minimum profit. d. enabled them to expand into other lines of commerce. e. allowed them to hold corporate stock.
Net social benefits are maximized when:
A) marginal benefits equal marginal costs. B) marginal benefits are greater than marginal costs. C) marginal benefits are less than marginal costs. D) total benefits are equal to total costs. E) average benefits are marginal benefits are equal.