The ________ of the demand curve corresponds to the idea that the marginal utility for the first few goods is ________.
A. bottom; higher
B. top; higher
C. bottom; lower
D. top; lower
Answer: B
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A monopolist finds out that if he lowers his price from $10 to $8, sales rise from 100 units to 115 units. Therefore, in this price range,
a. marginal revenue is positive. b. marginal revenue is negative. c. the price elasticity of demand is greater than one. d. both a and c are correct.
Which of the following is correct?
A. If demand is elastic, an increase in price will increase total revenue. B. If demand is elastic, a decrease in price will decrease total revenue. C. If demand is elastic, a decrease in price will increase total revenue. D. If demand is inelastic, an increase in price will decrease total revenue.
Any change that causes a decrease in the demand for labor at a given wage rate will be represented by a(n) ________, assuming all else equal
A) rightward shift in the labor demand curve B) downward movement along the labor demand curve C) upward movement along the labor demand curve D) leftward shift in the labor demand curve
In order to maximize profits, a firm should produce the level of output at which total revenue is maximized
a. True b. False Indicate whether the statement is true or false