This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: g. Increase in output obtained from one unit increase in labor h. Average cost must be falling i. Nor buyer or seller influence the price of the product j. Average revenue must equal marginal revenue k. Average cost must me increasing l. Large number of firms will lead to higher average cost m. The price charged on all units must decrease in order to sell additional units of good. n. The study of how the allocation of resources affects economic wellbeing. o. Value to buyers Amount paid by buyers p. Amount received by sellers Cost to sellers q. Country A would become the exporter of that good r. Environment Canada levy tax on steel factory of $100,000 for each tonne of glob it emits s. Includes the private cost of suppliers plus the external cost. t. Shortage of goods u. Buyers bear most of the tax...
View Full Document