Marginal revenue is defined as
a. total revenue divided by quantity
b. total revenue minus total cost
c. the change in total revenue divided by the change in quantity
d. the change in total revenue divided by quantity
e. the change in total revenue
C
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If the demand for baseballs increases, then as a result, it is highly likely that the demand for:
A. leather will increase. B. bats will decrease. C. soccer balls will rise. D. tennis balls will increase.
During the 1970s, demand-management policy: a. continued to be highly successful in curing the economy's economic problems
b. was found to be highly unsuitable in periods of stagflation such as the decade of the 1970s. c. was so unsuccessful that economists advised a return to the pre-World War II philosophy of fiscal policy. d. was unsuccessful because automatic stabilizers no longer influenced the economy. e. was unsuitable because it affected aggregate supply more than aggregate demand.
Classical economists and monetarists believe that the investment curve is
a. vertical b. steep to reflect the view that changes in investment are relatively insensitive to changes in the interest rate c. steep to reflect the view that changes in investment are very sensitive to changes in the interest rate d. unrelated to the interest rate e. relatively flat to reflect the view that changes in investment are sensitive to changes in the interest rate
The velocity of money is the ratio of ________ to ________.
A. real GDP; the money demand B. consumption; investment C. the money supply; the asset demand for money D. nominal GDP; the stock of money