A marginal cost pricing rule sets marginal cost equal to
A) minimum average variable cost.
B) price.
C) average cost.
D) marginal revenue.
E) the smaller of price or marginal revenue.
B
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The distinction between demand and the quantity demanded is best made by saying that:
A. the quantity demanded is in an inverse relation with prices, whereas demand is in a direct relation. B. the quantity demanded is in a direct relation with prices, whereas demand is in an inverse relation. C. the quantity demanded is represented graphically by a curve and demand is a point on that curve. D. demand is represented graphically by a curve and quantity demanded is a point on that curve.
Which of the following best describes a nation's Gross Domestic Product?
A. the total market value of all final goods and services produced in the economy during a year B. the market value of all goods and services produced in the economy, including intermediate goods C. the market value of all goods and services less depreciation D. the constant dollar value of all goods produced in the economy during a year period