Marginal revenue of nth unit of output is:
a. total revenue of (n+1)th unit minus total revenue of nth unit.
b. total revenue of nth unit minus total revenue of (n-1)th unit.
c. total revenue of (n+1)th unit minus total revenue of (n-1)th unit.
d. the sum of total revenue of (n+1)th unit and nth unit.
e. the sum of total revenue of (n+1)th unit and (n-1)th unit.
b
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The marketing people for AT&T believe that if they lower the price of long-distance phone calls by 5 percent, their quantity demanded will increase by 15 percent. If they are correct in their belief, then
A) the demand for long-distance phone calls is price inelastic. B) the total revenue from long-distance phone calls will increase if they lower the price. C) the demand for long-distance phone calls is income elastic. D) the total revenue from long-distance phone calls will decrease if they lower the price.
Specialization in trade will be economically efficient if it is based upon
A) national security needs. B) absolute advantage. C) comparative advantage. D) government regulations.
A sustained fall in the aggregate price level is called:
A. deflation. B. inflation. C. economic growth. D. economic decline.
How have the values of nominal GDP, real GDP and GDP price index changed in the United States since the year 2005?
What will be an ideal response?