Marginal Revenue is
A) the increase in total revenue from selling one more unit of output.
B) equal to P(1+1/?).
C) equal to P when the price elasticity of demand is infinite.
D) All of the above.
D
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Part of the lag in monetary policy effects is due to
a. the long political process of monetary policy decisions. b. precise economic forecasts. c. the time required for firms and households to alter their spending plans. d. changes in the unemployment rate.
A perfectly competitive firm will maximize profits when
A. average cost is greater than marginal revenue. B. marginal cost is greater than marginal revenue. C. average cost is equal to average revenue. D. marginal cost is equal to marginal revenue.
Human capital is
A. the human resources that perform the function of raising capital. B. the value of funds that entrepreneurs obtained from other people. C. what people get from physical capital. D. the accumulation of skills, training and education of workers.
Costs borne solely by the individuals who incur them are
A) private costs. B) social costs. C) internality. D) common property.