A price searcher faces the following demand function: At $7, 6, 5, 4, and $3, the quantity demanded is 300, 400, 500, 600, and 700 units respectively. Which statement below is true?
A) Total revenue is $11,500.
B) Marginal revenue is $300 when the price is $5.
C) Marginal revenue is $100 when the price is $5.
D) Marginal revenue is $2100 when the price is $3.
C
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McDonald's can offset the decline in demand by influencing the different variables that affected the demand function for their products
Indicate whether the statement is true or false
A large increase in the number of fast-food restaurants in a community is most likely to result in:
A. Lower prices and higher quality. B. Lower prices and lower quality. C. Higher prices and higher quality. D. Don't Know
Nominal GDP differs from real GDP because ________.
A. real GDP is based on current prices B. nominal GDP is based on constant prices C. nominal GDP results from adjusting for changes in the price level D. real GDP results from adjusting for changes in the price level
When Burger Barn hires one worker, 10 customers can be served in an hour. When Burger Barn hires two workers, 25 customers can be served in an hour. The marginal product of the second worker is ________ customers served per hour.
A. 15 B. 30 C. 40 D. 67.5