Table 14-7 Sally Owns the Only Shoe Store in Town.She Has the Has

question 315

Multiple Choice

Table 14-7
Sally owns the only shoe store in town.She has the following cost and revenue information.

-Refer to Table 14-7.What is the marginal cost of the 8th pair of shoes?

• A) $50
• B) $60
• C) $90
• D) $110

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Definitions:

Burden Falls

An economic term referring to how the costs or economic burdens of a policy, tax, or regulation are distributed among various stakeholders.

Elastic

Elastic, in economics, refers to a situation where the quantity demanded or supplied of a good or service significantly changes in response to changes in price.

Inelastic

A characteristic of a good or service whose demand doesn't significantly change when its price changes.

Tax Burden

the distribution of taxation on an individual or economic entity or the total amount of taxes paid by society as a whole.