What is true of marginal cost when marginal returns are increasing?
a. It is negative and increasing.
b. It is negative and decreasing.
c. It is positive and increasing.
d. It is positive and decreasing.
e. It is positive and has a constant slope.
D
Economics
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The market clearing price of a good is
A) the price at which there is at least some of the good available for everyone. B) the price at which there is no surplus and no shortage. C) the price that consumers prefer. D) the price that producers prefer.
Economics
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Economics