Marginal revenue is
a. total revenue minus total cost
b. total revenue divided by quantity of output
c. the change in total revenue divided by the change in output
d. the change in total revenue divided by the change in the quantity of an input used
e. economic profit
C
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Suppose a 20 percent increase in the price of gasoline results in a 25 percent increase in the quantity supplied. This response means that gasoline has
A) an elastic supply. B) an inelastic supply. C) a unit elastic supply. D) an inelastic demand. E) an elastic demand.
Refer to Table 9-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many clocks will Belize gain compared to the "without trade" numbers?
A) -100 B) 100 C) 120 D) 250
Which of the following is true under unregulated monopoly?
a. Monopoly results in more output than under pure competition. b. Monopoly results in a more efficient allocation of resources than competition. c. Monopoly expands the choices available to consumers. d. Monopoly results in lower output and higher prices than competition.
Which government policy raises the interest rate and raises investment spending?