A portrait photographer produces output in packages of 100 photos each. If the output sold increases from 600 to 700 photos, total revenue increases from $1,200 to $1,400 . The marginal revenue per photo is:
a. $2.
b. $200.
c. $100.
d. $1.
e. $20.
a. $2.
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Comparative advantage means
A) the ability to produce a good or service at a lower opportunity cost than any other producer. B) the ability to produce a good or service at a higher opportunity cost than any other producer. C) compared to others you are better at producing a product. D) the ability to produce more of a product with the same amount of resources than any other producer.
Which of the following is the study of economic policy recommendations?
a. positive economics b. law and economics c. microeconomics d. development economics e. normative economics
Government policies that are used to affect planned aggregate expenditure, with the objective of eliminating output gaps, are called ________ policies.
A. cyclical B. stabilization C. productivity D. structural
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the short run would be:
A. P3 and Y1. B. P2 and Y1. C. P2 and Y3. D. P1 and Y2.