Marginal cost curves slope
A) upward because of increasing opportunity cost.
B) upward because of decreasing opportunity cost.
C) downward because of increasing opportunity cost.
D) downward because of decreasing opportunity cost.
A
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The administrative burden of regulating price in a monopolistically competitive market is
a. small due to economies of scale. b. large because price is usually below marginal cost. c. large because of the large number of firms that produce differentiated products. d. small because firms produce with excess capacity.
Assume there are nine voters in a certain small town and let x = the preferred number of dollars spent per person per month on garbage collection. For Voters 1, 2, and 3, x = $10; for Voter 4, x = $15; for Voter 5, x = $18; and for Voters 6, 7, 8 and 9, x = $20 . Based on these preferences, which of these dollar amounts will win over any one of the others?
a. $10. b. $15. c. $18 d. $20.