There is only one gas station within hundreds of miles. The owner finds that when she charges $3 a gallon, she sells 199 gallons a day, and when she charges $2.99 a gallon, she sells 200 gallons a day. The marginal revenue of the 200th gallon of gas is:
a. $.01.
b. $1.
c. $2.99.
d. $3.
e. $600.
b
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The manufacturers of information products typically
A) have low fixed costs. B) have high marginal costs. C) have high fixed costs. D) have zero fixed costs.
When the supply of a good increases and its demand decreases by the same amount: a. Price will change in the same direction as the shift in supply
b. Price will change in the same direction as the shift in demand. c. Quantity exchanged will change in the same direction as the shift in supply. d. Quantity exchanged will change in the same direction as the shift in demand.
Disposable income equals national income minus personal taxes
Indicate whether the statement is true or false
As people's income rises, they wish to
A. hold less money for transactions. B. spend less. C. hold more money for transactions. D. invest only in stocks.