If a price-searcher firm can sell nine units at a price of $6, or it can sell ten units at a price of $5.75, what is the marginal revenue of the tenth unit?
a. $1
b. $3.50
c. $5.75
d. $6
B
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Frank spends Saturday afternoon at the Dodge dealership looking at new trucks. The model that he is interested in has a sticker price of $29,000. The fact that the price is quoted in dollars is an example of money used as a
A) medium of exchange. B) unit of account C) store of value. D) All of the above answers are correct.
Refer to Figure 2-9. What is the opportunity cost of producing 1 popsicle in Iceland?
A) 1 1/2 snow cones B) 3/4 of a snow cone C) 2/3 of a snow cone D) 270 snow cones
The marginal product of an input is
A) total product divided by the amount of the input used to produce this amount of output. B) the addition to total output that adds nothing to total revenue. C) the addition to total output that adds nothing to profit. D) the addition to total output due to the addition of one unit of all other inputs. E) the addition to total output due to the addition of the last unit of an input, holding all other inputs constant.
The difference between black market and gray market activities is:
A. while neither are included in GDP, black market items are illegal and gray market items are not. B. while neither are include in GDP, gray market items are illegal and black market items are not. C. black market items are very rare and difficult to find, and gray market items are more commonplace, like babysitting. D. black market items are typically expensive items, and gray market items are not.