A firm has a fixed cost of $500 in its first year of operation. When the firm produces 100 units of output, its total costs are $3,500 . When it produces 101 units of output, its total costs are $3,750 . What is the marginal cost of producing the 101st unit of output?
a. $250
b. $275
c. $340.91
d. $350
a
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Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
Prior-to-trade (autarky) consumer surplus equals area(s)
A. A + B + C. B. E + F. C. A + B. D. A.
Employer withholding of the federal income tax began during World War I
a. True b. False
Since the 1980s the proportion of income received by the top 5 percent of Americans has ____, and the measured income of Americans in the lowest fifth has ____
a. risen; risen b. risen; fallen c. fallen; risen d. fallen; fallen
If Asian economies suffer a serious economic slump, U.S. net exports will
a. increase and AD will shift outward. b. increase and AD will shift inward. c. decrease and AD will shift inward. d. decrease and AD will shift outward.