Marginal profit equals the difference between marginal revenue and marginal cost
a. True
b. False
Indicate whether the statement is true or false
True
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All of the following are considered process innovation EXCEPT
A) neutral technical progress. B) labor saving technical progress. C) organizational innovation. D) nonneutral technical progress.
Figure 7-5
Which of the following is true for the demand curve depicted in ?
a.
In the $3 to $4 range, the price elasticity of the demand curve equals 1.
b.
At a price of $3, the price elasticity of the demand curve equals approximately -3.3.
c.
In the $3 to $4 range, the demand curve is inelastic.
d.
In the $3 to $4 range, the demand curve is elastic.
If electric utilities continually reduce their emissions of sulfur? dioxide
A) the utilities will eventually be forced to go out of business.
B) the marginal cost of further emissions will rise.
C) the marginal benefit of additional emissions will rise.
D) the total benefit of sulfur dioxide emissions will fall.
Some people argue that the three main television networks all have similar programming. If true, this observation might best be explained by the:
A. paradox of voting. B. median-voter model. C. law of diminishing marginal utility. D. ability-to-pay principle.