The change in total revenues resulting from a change in output of one unit is
A. economic revenue.
B. diminishing revenue.
C. marginal revenue.
D. average revenue.
Answer: C
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Only one of the following statements is correct. The statements compare perfectly competitive (PC) markets and monopolistically competitive (MC) markets. Which statement is correct?
A) Productive efficiency is achieved in both PC and MC markets. Allocative efficiency is achieved only in MC markets. B) Allocative efficiency is achieved only in PC markets. Productive efficiency is achieved only in MC markets. C) Productive efficiency and allocative efficiency are both achieved in PC markets. Neither is achieved in MC markets. D) Allocative efficiency is achieved in both PC and MC markets. Productive efficiency is achieved only in PC markets.
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Which of the following is likely to happen if consumption in an economy falls?
A) Asset prices rise. B) Mortgage defaults fall. C) Labor supply falls. D) Layoffs rise.