Question
25 . If an individual currently demands a particular good, it means that he or she: a)Is willing and able to purchase the good at
25. If an individual currently demands a particular good, it means that he or she:
a)Is willing and able to purchase the good at the current price.
b)Has a strong desire for the good.
c)Must need the good.
d)Prefers the good over all other choices.
30.Marginal cost
a) is the change in fixed cost divided by the change in quantity.
b) may initially decline and then increase as more output is produced.
c) may initially increase and then fall as more output is produced.
d) is fixed cost and variable cost added together and then divided by quantity.
31. As more output is produced, a firms production cost rises. This will affect the firm's _______decisions.
a) shutdown
b) production
c) demand
d) availability
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started