Marginal Revenue is
A. the revenue associated with the first unit of sales.
B. the extra cost associated with one additional unit of output.
C. the extra revenue associated with one additional unit of sales.
D. the revenue associated with the sale of the average unit.
Answer: C
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a. water b. oil c. forests d. highways
A consumer allocates all income between two products, A and B. If, on an indifference map, the equilibrium position shifts onto a higher indifference curve, then:
A. The consumer must be purchasing more of both products B. The relative prices of A and B must have changed C. The prices of A and B must have increased D. Total utility must have increased
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A) leftward; rises B) rightward; rises C) rightward; does not change D) leftward; falls E) rightward; falls
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A) a risk premium. B) a fee to make a fair bet. C) to obtain decreasing marginal utility. D) None of the above.