In a recession, GDP:

Refer to Scenario 1-1. Using marginal analysis terminology, what is another economic term for the incremental cost of producing the last 400 t-shirts?

A) operating cost B) marginal cost C) explicit cost D) Any of the above terms are correct.

The fundamental economic problem faced by individuals is

A) scarcity. B) comparative advantage. C) fair allocations of goods and services. D) randomness in the distribution of income.