An upward shift in marginal cost _____ output and an upward shift in marginal revenue ______ output?
A. reduces; reduces
B. reduces; increases
C. increases; increases
D. increases; reduces
A firm that makes profit in addition to normal profit is making ?
A. Economic profit
B. Accounting profit
C. Normal profit
D. supernormal profit
Marginal revenue is the ________ when output is __________?
A. Change in average revenue, increased
B. Change in total revenue, increase by one unit
C. change in average revenue, increased by one unit
D. change in total revenue increased
Firms are assumed to ________ costs and to ________ profits?
A. incur, desire
B. pay, make
C. charge earns
D. minimize, maximize
The extra utility from consuming one more unit of a good is called ?
A. Marginal utility
B. Additional utility
C. Surplus utility
D. Bonus utility
The opportunity cost of a student is____________?
A. Course fees and rent
B. A loan from the bank
C. What the student could have earned in the best job available by not studying
D. What the student will earn after graduation