Marginal revenue is defined as the
a. total revenue minus total cost
b. change in total revenue divided by the change in the quantity of output
c. price minus average total cost
d. total revenue over the quantity of output
e. quantity times price
B
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Refer to Table 1-2. What is Julius's marginal cost if he decides to stay open for three hours instead of two hours?
A) $0 B) $18 C) $54 D) $65
Time-series forecasting models:
a. are useful whenever changes occur rapidly and wildly b. are more effective in making long-run forecasts than short-run forecasts c. are based solely on historical observations of the values of the variable being forecasted d. attempt to explain the underlying causal relationships which produce the observed outcome e. none of the above
Why are government welfare programs often called entitlement programs?
A. Because every U.S. citizen, regardless of income, is entitled to receive benefits under these programs. B. Because everyone living in the U.S., whether the person is a citizen or not, is entitled to a minimum level of income. C. Because those who fail a means test are eligible for cash assistance but not in-kind transfers. D. Because people whose income is below a certain level are entitled to government assistance.
Recall the Application about the demand and price for margarine to answer the following question(s).Recall the Application. Between 2000 and 2009, total U.S. consumption of margarine ________ and the price, in real terms, ________.
A. doubled; doubled B. decreased by roughly half; decreased by roughly half C. decreased by roughly half; stayed roughly the same D. doubled; stayed roughly the same