1. Which of the following represents a short-run decision?
A. Shakespeare's Pizza opens a new pizzaria in another part of town
B. Walmart and Best-Buy stay open later due to holidays
C. Apple launches a new iPhone.
D. The University of Missouri builds two classroom buildings.
2. A farmer discovers that the total cost of growing 2000 acres of corn is $400,000 and that the total cost of growing 2001 acres of corn is $401,000. The marginal cost of the 2001st acre of corn is …
1. $200
2. $1,000
3. $400,000
4. $401,000