Refer to the table above. For which of the following choices is the marginal total cost the lowest?
A) Choosing factory Close over factory Far
B) Choosing factory Far over factory Very Far
C) Choosing factory Very Close over factory Close
D) Choosing factory Close over factory Very Far
B
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People debate whether or not the U.S. should allow for greater oil exploration in Northern Alaska. According to the economic way of thinking, the debate is rooted in
A) different perceptions about the additional benefits and the additional costs of oil exploration in Northern Alaska. B) a complete lack of appreciation of the value of wildlife and the ecology of Northern Alaska. C) a complete lack of appreciation of the value of oil in world affairs. D) politics rather than economics.
The range to the right of the midpoint on a linear demand curve is
A) elastic. B) infinite. C) one. D) inelastic.