Answer the following questions true (T) or false (F)
1. The sales revenue a seller receives from the sale of an additional unit of goods is called the marginal benefit.
2. Optimal decisions are made at the point where marginal cost equals zero.
3. If it costs Sinclair $300 to produce 3 suede jackets and $420 to produce 4 suede jackets, then the difference of $120 is the marginal cost of producing the 4th suede jacket.
1. TRUE
2. FALSE
3. TRUE
Economics
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A demand schedule's position is determined partly by the supply of a good
a. True b. False Indicate whether the statement is true or false
Economics
"By producing at an output rate at which marginal revenue equals marginal cost, a firm is definitely making positive economic profits." Do you agree or disagree? Why?
What will be an ideal response?
Economics