Marginal revenue is the change in:
A. total profit brought about by selling one more unit of output.
B. price brought about by selling one more unit of output.
C. total revenue brought about by selling one more unit of output.
D. output brought about by a $1 change in product price.
Answer: C
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We typically call an external cost:
A. a societal drain. B. a negative externality. C. a negative cost. D. a network externality.
Which of the following is true about price discrimination? a. When there are a number of competing firms, price discrimination is less likely because competitors tend to undercut the high prices charged those discriminated against. b. A profit-maximizing seller will charge a higher price for those with a greater willingness to pay, and a lower price for demanders with a lower willingness to
pay. c. Price differentials between groups will erode if reselling is easy. d. All of the above are true of price discrimination.
Wealth is far more evenly distributed than income
Indicate whether the statement is true or false
Which of the following will shift the aggregate demand curve to the left?
A. Foreign economies fall into recession, reducing their demand for domestic exports. B. Consumers become optimistic about the future. C. The government increases spending on education. D. Income taxes are lowered.