Refer to the information provided in Figure 16.2 below to answer the question(s) that follow.
Figure 16.2Refer to Figure 16.2. The ________ imposed as a result of producing the efficient level of cars is $250.
A. marginal social cost
B. marginal social benefit
C. total damage
D. marginal private cost
Answer: C
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The change in total revenues resulting from a change in output of one unit is
A) average revenue. B) marginal revenue. C) quantity revenue. D) price revenue.
A pure monopolist is selling 7 units at a price of $12. If the marginal revenue of the 8th unit is $4, then the price of the 8th unit is
A) $10. B) $11. C) greater than $12. D) $4.
Marginal utility is _____
a. always greater than total utility b. utility that is not as good as normal utility c. the extra utility derived from consuming one additional unit of a good or service d. always positive e. not related to total utility
If quantity demanded does not change significantly when price changes, how is demand described?
a. elastic b. inelastic c. perfectly elastic d. unit elastic