Marginal cost is best defined as:
a. a cost that does not vary with the rate of output.
b. the difference between fixed and variable cost at any level of output.
c. the amount added to total cost when one more unit of output is produced.
d. the difference between price and average total cost at the profit-maximizing level of output.
c
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If political unrest abroad substantially reduces the supply of copper to the United States, the price of copper will rise by a larger amount
A) the more elastic the demand for copper. B) the more inelastic the demand for copper. C) the more elastic the supply of copper. D) the more inelastic the supply of copper.
The effect of an import quota on the domestic market is to shift the:
a. demand curve to the right by the amount of the quota. b. demand curve to the left by the amount of the quota. c. supply curve to the right by the amount of the quota. d. supply curve to the left by the amount of the quota. e. consumers' marginal utility curves if they prefer foreign goods to domestic goods.