Marginal cost
a. is the increase in total cost resulting from production of one additional unit of output.
b. is the cost of the marginal unit of output.
c. and the average cost curve are U-shaped.
d. All of the above are correct.
d
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The aggregate-demand curve shows that an increase in the price level
a) decreases the real value of goods and services demanded in the economy. b) decreases the dollar value of goods and services demanded in the economy. c) increases the real value of goods and services demanded in the economy. d) increases the dollar value of goods and services demanded in the economy.
Pollution occurs when lumber is produced. If the lumber market is unregulated, there would be
A) overproduction of lumber compared to the efficient amount. B) underproduction of lumber compared to the efficient amount. C) sometimes overproduction and sometimes underproduction of lumber compared to the efficient amount. D) an external benefit to producing lumber.