For a monopoly,
a. average revenue exceeds marginal revenue.
b. average revenue equals marginal revenue.
c. average revenue is less than marginal revenue.
d. price equals marginal revenue.
a
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The marginal propensity to consume equals
A) consumption expenditure divided by the change in disposable income. B) the change in consumption expenditure divided by disposable income. C) the change in consumption expenditure divided by the change in disposable income. D) consumption expenditure divided by disposable income. E) the change in autonomous consumption divided by the change in induced consumption.
A consumer's total utility is maximized when the total utility per dollar from all goods is equalized
Indicate whether the statement is true or false
Suppose two people start with an initial endowment and trade until they obtain a Pareto-efficient allocation with the corresponding price line
What happens when more people who have the same tastes and endowments as the original two traders are included in the Edgeworth box analysis? A) The price line does not change. B) The price line becomes flatter. C) The price line becomes steeper. D) The price line shifts up or down depending upon how many of each type of trader is included in the analysis.
If people start to buy more expensive fuel-efficient cars rather than cheaper SUVs, even though the additional cost of fuel-efficient cars is greater than the savings in gas over the life of the car, this would be explained by which of the following types of models?
A. Empirical models using regression analysis B. Path-dependent models C. Heuristic models using traditional building blocks D. Heuristic models using behavioral building blocks