Sue's Surfboards is the sole renter of surfboards on Big Wave Island. Sue's demand and marginal revenue curves are illustrated in the figure above. The change in the total revenue from renting the 15th surfboard is
A) $20.
B) $15.
C) $10.
D) $0.
D
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The opportunity cost of producing one more unit of a good or service is the
A) marginal cost. B) marginal benefit. C) efficient level of production. D) market outcome. E) price of the good or service.
A less advanced country can improve its productivity by:
a. repurposing b. imitating c. reusing d. redeveloping
Phoebe and Rachel quit running in Central Park and join a health club to run on treadmills. This decision
a. has no effect on GDP. b. increases GDP. c. decreases GDP. d. increases nominal but not real GDP.
The prices of certain goods, such as ice and gasoline, often increase after a natural disaster such as a hurricane. The economic explanation for this observation is that
A) people panic in disaster situations. B) disasters bring out the worst in people. C) the disaster temporarily reduces the supply of the goods and increases the demand for the goods. D) the disaster temporarily reduces the supply of the goods and reduces the demand for the goods.