The change in a firm's total cost from producing one more unit of a good or service is the firm's
A) average cost of production. B) explicit cost of production.
C) marginal cost of production. D) implicit cost of production.
C
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The growing popularity of energy conservation has enticed large home improvement stores like Home Depot and Lowes to offer tankless water heaters
How does the fact that home improvement stores now offer these products affect the tankless water heater market? A) The demand curve for tankless water heaters shifts to the left. B) The supply curve for tankless water heaters shifts to the left. C) The supply curve for tankless water heaters shifts to the right. D) The demand curve for tankless water heaters shifts to the right.
In the long run, most economists agree that a permanent increase in government spending leads to
A) no decrease in private spending. B) a decrease in private spending by less than the amount that government spending increased. C) a decrease in private spending by the same amount that government spending increased. D) a decrease in private spending by more than the amount that government spending increased.