If a monopolist can sell 20 units at price of $200 per unit and 30 units at a price of $180 per unit, its marginal revenue at an output of 30 is
A) $-200.
B) $800.
C) $1400.
D) $1800.
Answer: C
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Which of the following statements about the GDP gap is not true?
a. It widens during recessions and narrows down during expansions. b. When an economy's GDP gap equals zero, it operates on its production possibilities curve. c. It is a measure of output lost as a result of unemployment. d. There are more goods and services available in an economy as its GDP gap widens. e. It is equal to potential real GDP minus actual real GDP.
Suppose that the Bureau of Labor Statistics predicts that the number of jobs for dental hygienists will grow faster than most occupations while the number of jobs for bookbinders will decline. This change in the labor market could lead to
a. frictional unemployment created by efficiency wages. b. structural unemployment created by efficiency wages. c. frictional unemployment created by sectoral shifts. d. structural unemployment created by sectoral shifts.
Exhibit 7-11 Short-run cost schedule for pizzeria's hourly production TotalProduct TotalCost 0 pizzas $ 20 10 70 20 100 30 150 40 250 In Exhibit 7-11, the pizzeria's fixed cost is equal to:
A. $20. B. $30. C. $50. D. $70.
Resource pricing is important because:
A. resource prices are a major determinant of money incomes. B. resource prices allocate scarce resources among alternative uses. C. resource prices, along with resource productivity, are important to firms in minimizing their costs. D. of all of these reasons.