A single-price monopoly faces a linear demand curve. If the marginal revenue for the second unit is $20, then the marginal revenue for the
A) first unit is less than $20.
B) third unit is less than $20.
C) third unit is more than $20.
D) third unit is also $20.
E) more information is needed to determine if the marginal revenue for the third unit is more than, less than, or equal to $20.
B
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Savers in the financial system make decisions about how to save their money by following the basic principles of:
A. asset valuation. B. cost benefit analysis. C. rate of return on investments. D. risk valuation.
Which of the following is indicated by Engel's law?
A. The rate of inflation in an economy is inversely proportional to the rate of unemployment. B. Everything else remaining unchanged, an increase in the price of a commodity lowers the real income of the consumers. C. In the long run the developing countries will grow faster than the developed countries. D. In the long run an increase in per capita income will drive down the relative prices of primary products.
Refer to the above table. The price of B decreases from $18 to $15. What is the cross price elasticity of demand between B and A?
A. -1.0 B. -0.73 C. +1.83 D. +1.38
Refer to the above table. What does total product equal when 3 units of labor are used?
A. 1008 B. 338 C. 336 D. 3