If It Costs Vijay $150 to Design 5 Websites and $175

question 431

True/False

If it costs Vijay $150 to design 5 websites and $175 to design 6 websites, then $175 is the marginal cost of producing the 6th website.

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Definitions:

Consumer Surplus

The contrast between the expected payment by consumers for a good or service and the actual price paid.

Market Supply

The total quantity of a good or service that producers are willing and able to sell at various prices during a given time period.

Market Demand

is the total amount of a product or service that consumers in a market are willing and able to purchase at different prices, during a certain time period.

Deadweight Loss

A loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved or is unattainable.