When a person smokes a cigarette in his car and throws the butt out of the window, this is a(n)
A) marginal cost.
B) external cost.
C) marginal personal benefit.
D) internal benefit.
Answer: B
Economics
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The LRAC curve
A) is the minimum points on all the short-run ATC curves. B) shows the lowest possible marginal cost of producing the different levels of output. C) shows the lowest attainable average total cost for all levels of output when all inputs can be varied. D) generally lies above the short-run ATC curves.
Economics
A firm operating in a purely competitive labor market has the following marginal revenue product schedule.WorkersMRP1$24222320418516614712If the wage rate decreases from $17 to $13, by how much will the firm expand employment?
A. 5 workers B. 4 workers C. 3 workers D. 2 workers
Economics