Marginal revenue equals
A. price times quantity, divided by average revenue.
B. the change in total revenue from selling one more unit.
C. total revenue divided by output.
D. total revenue divided by average revenue.
Answer: B
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When a demand schedule is drawn as a graph,
A. price is measured on the vertical axis. B. quantity is measured on the horizontal axis. C. the resulting curve has a negative slope. D. the other variables (besides price and quantity) are held constant. E. All of these responses are correct.
The above table gives some of the costs of the Delicious Pie Company. What is the average total cost of producing 200 pies?
A) $5.00 B) $650 C) $6.50 D) More information is needed to calculate the average total cost.
A policy in which the money supply is kept growing at a constant rate regardless of the state of the economy is
A) a Taylor rule. B) a discretionary policy. C) a policy rule advocated by monetarists. D) advocated by activists.
Money market mutual funds are funds pooled by
A) a group of people to buy shares of stocks. B) a group of people to buy stock market funds. C) a group of people to buy short maturity credit instruments. D) a group of people to buy U.S. Treasury bonds.