When Lonnie produces 1 pair of cowboy boots his costs total $300. When he produces 2 pairs of cowboy boots his total costs are $500. This means that Lonnie's marginal cost of producing the second pair of cowboy boots is $200.

Answer the following statement true (T) or false (F)

True

Economics

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All income, production, and expenditure variables that are measured at current market prices are referred to as ________

A) real variables B) nominal variables C) implicit variables D) index variables E) none of the above

Economics

The principal cause of falling unemployment is ________

A) an increase in net entrants to the labor force B) a decrease in net entrants to the labor force C) an increase in the number of new jobs created D) a decrease in the number of jobs lost

Economics