Refer to Scenario 1-2. Using marginal analysis terminology, another economic term for the incremental cost of producing the last 300 hats is
A) marginal cost. B) explicit cost.
C) operating cost. D) Any of the above terms are correct.
A
You might also like to view...
Which of the following is an example of moral hazard?
a. When a family's belongings are protected against theft and they take special care to look after the house. b. An individual buys a new auto insurance policy which includes a special payment if the car skids on the ice and the person then begins driving recklessly on ice. c. When a country expects assistance in the event of a currency crisis and therefore takes special care to avoid such a crisis. d. When decision-makers expect special assistance in the event of an unfavorable outcome and their behavior changes in such a way to avoid that outcome entirely. e. When a person with health insurance takes great care not to catch a serious cold.
If an economy produces 3,000 units of output with a price level of $2 and with a velocity of money of 12, we know that the money supply must be: A. $1,000. B. $500. C. $2,000. D. $4,000.
A. $1,000. B. $500. C. $2,000. D. $4,000.