Marginal revenue is equal to
A) total revenue divided by price.
B) the change in total revenue divided by total output.
C) the change in total revenue divided by the change in quantity sold.
D) price divided by quantity sold.
C
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Suppose a decrease in the supply of wheat results in an increase in revenue. This indicates that
A) the demand curve for wheat must be vertical. B) the resulting increase in price is proportionately greater than decrease in quantity sold. C) the decrease in quantity sold is proportionately larger than the resulting change in price. D) the supply curve for wheat must be vertical.
The demand for potatoes at current prices is likely to be
a. elastic. b. inelastic. c. unit elastic. d. perfectly elastic.
In the long run, the purchasing power parity theory predicts exchange rates accurately, particularly when there is a large difference in inflation rates across countries
Indicate whether the statement is true or false
Which is a major feature of the market system?
A. Reallocation of all resources from private to public uses. B. The right to own private property and control resource uses. C. Central planning by government to provide goods and services. D. Government-established prices in all markets.