Refer to Table 1-5. What is Julius's marginal cost if he decides to stay open for three hours instead of two hours?

Refer to Scenario 1-2. Using marginal analysis terminology, what is another economic term for the incremental revenue received from the sale of the last 500 cigars?

A) sales revenue B) gross earnings C) marginal revenue D) gross profit

As the marginal propensity to consume (MPC) decreases, the spending multiplier:

a. increases. b. decreases. c. remains constant. d. becomes undefinable.