The market demand curve for a good shows ________ and the market supply curve shows ________
A) consumers' willingness to pay for the good; producers' marginal cost of producing the good
B) producers' marginal cost of producing the good; consumers' willingness to pay for the good
C) consumers' willingness to pay for the good; the opportunity cost of producing the good
D) consumers' willingness to pay for the good; producers' total cost of producing the good
A
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Refer to Scenario 3. The marginal cost of producing the sixth unit of output is:
A) $33.33 (approximate). B) $55. C) $200. D) $250.
Happiness is ______ correlated with income.
a. positively b. negatively c. not d. universally
Summing all of the costs that do NOT change as output varies yields
A. fixed costs. B. implicit costs. C. explicit costs. D. variable costs.
Which product will have the most inelastic demand curve?
A. Beer B. Motor vehicles C. Milk D. Household electricity