Marginal revenue is the addition to a firm's revenue from
a. a $1 change in price.
b. a one-unit change in output.
c. the sale of inferior output.
d. a $1 reduction in marginal cost.
b
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The price for a unit of labor is the wage rate. What happens to the quantity of labor demanded if the wage rate increases?
A. It increases. B. It decreases. C. It does not change. D. The outcome depends upon the supply of the good.
Economists define money as
A) cash in circulation. B) deposits in commercial banks. C) anything that people are willing to accept in payment for goods and services or to pay off debts. D) bonds issued by large corporations.
When were the first federal antitrust laws enacted in the United States?
a. around the turn of the twentieth century b. after World War II c. after World War I d. during the Great Depression e. with the U.S. Constitution, in 1787
One of the conditions that must exist for the median-voter theorem to hold is:
A. candidates win by majority vote. B. voters may vote for a policy even if it not close to their own beliefs. C. there must be a run-off election in the event of a tie vote between two or more candidates. D. there is a simple in-favor/not-in-favor position held by each candidate.