Marginal revenue is_____________
a. The total revenue gained from production
b. The cost of producing an additional unit of output
c. The revenue from selling an additional unit of output
d. none of the above
c
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What is the relationship between the value of marginal product of labor and the marginal product of labor?
What will be an ideal response?
Which one of the following statements is TRUE for Norway, a non-euro country?
A) Of course, owners of capital that cannot be moved cannot avoid more of the economic stability loss due to fixed exchange rates when Norway's economy is open to capital flows. B) Even owners of capital that cannot be moved can avoid more of the economic stability loss due to fixed exchange rates when Norway's economy is open to capital flows. C) Owners of capital that cannot be moved can avoid more of the economic stability loss due to fixed exchange rates when Norway's economy is closed to capital flows. D) Even owners of capital that can be moved can avoid more of the economic stability loss due to fixed exchange rates when Norway's economy is closed to capital flows. E) Only owners of capital that can be moved can avoid more of the economic stability loss due to fixed exchange rates when Norway's economy is open to capital flows.
When government inefficiencies exist and government officials can be bribed, then
A) dead capital will not exist. B) the country will have positive economic growth. C) a bribe will increase the cost of investing in capital. D) property rights will be more secure since an official has been bribed to grant ownership to the business.
In the above figure, what will be the output level produced if average cost pricing is used?
A) 1,200 B) 900 C) 700 D) somewhere between 900 and 1,200