Marginal revenue for a monopolist is computed as
a. average revenue divided by quantity sold.
b. average revenue times quantity divided by price.
c. total revenue divided by quantity sold.
d. change in total revenue per one unit increase in quantity sold.
d
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Because of diminishing marginal utility, you
A. should never buy more than one unit of a good, since additional units decrease your total utility. B. have to consider the effect of additional units on your total utility when you make purchases. C. wind up paying for units that you receive no benefit from. D. always want to increase your consumption of a good until the marginal utility you get is zero.
Which of the following is a tool that is used by the Fed to control the quantity of money?
A) open market operations B) excess reserves C) government expenditure multiplier D) real interest rate
When a perfectly competitive firm or a monopolistically competitive firm is making zero economic profit,
a. no firms will want to enter or exit. b. some firms will want to leave. c. some firms will want to enter. d. market demand shifts to the left. e. the price of the output will rise in the long run.
Imports account for approximately ___ percent of U.S. GDP.
A. 2 B. 7 C. 14 D. 25