Marginal cost is the ________ one more unit of a good and ________ of the good increases

A) opportunity cost of producing; increases as production
B) opportunity cost of producing; decreases as production
C) price that must be paid to consume; increases as consumption
D) price that must be paid to consume; decreases as consumption

A

Economics

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The nature of contracts changed in the 19th century through judicial instrumentalism and had what effect?

(a) Facilitating free-market determinations of wages and prices. (b) Allowing factory owners to contract with masses of employees for wages, hours and working conditions if the terms were made known and the laborers agreed to them. (c) Advancing the rule of caveat emptor in markets because if a seller unknowingly sold defective goods, the buyer's opportunity to inspect the goods before purchase would ensure the seller's innocence of overt deception. (d) All of the above were effects of the changes to the nature of contracts.

Economics

The vertical distance of the shift in supply from a specific tax of t amount on producers will

A) equal t. B) be less than t. C) depend on the elasticity of supply. D) depend on the incidence of the tax.

Economics