Marginal cost:
A. increases then decreases, as output increases, to reflect marginal product.
B. is calculated as change in total output divided by change in total cost.
C. is calculated as change in total cost divided by change in total output.
D. None of these is true.
Answer: C
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Refer to the scenario above. Suppose the amount that you receive, on winning the bet, is increased to $300. Which of the following statements is true?
A) There is no change in the outcome of the game. B) Your expected value of the bet will be positive. C) You will withdraw from the bet as the cost of betting increases. D) The probability of you winning the game increases to 2/100.
Which of the following is a characteristic of the monopolistic competition market structure?
a. Many firms and a homogeneous product. b. Few firms and differentiated products. c. Few firms and similar products. d. Few firms and a homogeneous product. e. Many firms and differentiated products.