Marginal revenue measures the change in
a. output generated by a change in price
b. price generated by a change in output
c. output generated by hiring one more factor of production
d. total revenue generated by a change in price
e. total revenue generated by a change in output
E
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Why is the study of asymmetric information associated with the market for "lemons"?
A) Potential buyers of used cars have difficulty separating good used cars from bad used cars; bad used cars are often referred to as "lemons." B) Because there is little advertising in the market for lemons, buyers have difficulty determining the quality of lemons before they are purchased. C) Sellers of citrus fruit — lemons, oranges, grapefruit — know the difference between bad fruit and good fruit; buyers do not have this information. D) Most sellers of used cars have less information about their cars than the dealers who buy them; used cars are often referred to as "lemons."
Demand-pull inflation is due to:
a. minimum wage laws. b. labor cost increases. c. excess total spending. d. tax increase.
In the quantity theory of money, velocity is assumed
A. to be a declining number. B. to increase with increases in the money supply. C. to equal 1.4. D. constant.
Goods that are not rival in consumption, but are excludable are:
A. a common resource. B. an artificially scarce good. C. a public good. D. a private good.