The marginal cost is the cost of ______.
a. inefficiency and waste while producing a good
b. taxes levied on the production of a good
c. producing all of the units of a good
d. producing one more unit of a good.
d. producing one more unit of a good.
Economics
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Suppose the demand curve for a product is vertical and the supply curve is upward sloping. If a per-unit tax is imposed in the market for this product
A) buyers share the burden of the tax with government. B) the tax burden will be shared equally between buyers and sellers. C) sellers bear the entire burden of the tax. D) buyers bear the entire burden of the tax.
Economics
The law of diminishing marginal utility does not hold good when the good is free or priced at zero dollars
a. True b. False Indicate whether the statement is true or false
Economics