Marginal revenue for a monopolist is:
A. greater than price.
B. equal to price.
C. the change in total revenue plus the change in output.
D. less than price.
D. less than price.
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If the prices of the goods and services contained in the CPI market basket increase from the base period to the next year, we know that
A) the market basket used by the BLS must be changed next year to reflect consumers' new expenditures. B) the next year's CPI will be below 100. C) the next year's CPI will be above 100. D) the inflation rate is falling. E) the cost of the CPI market basket at next year's prices is lower than the cost of the CPI market basket at base period prices.
Table 7-2 This table refers to five possible buyers' willingness to pay for a case of Vanilla Coke.
Buyer Willingness To Pay David $8.50 Laura $7.00 Megan $5.50 Mallory $4.00 Audrey $3.50 Refer to Table 7-2. If the market price is $3.80, a. David’s consumer surplus is $4.70 and total consumer surplus for the five individuals is $9.50. b. David, Laura, and Megan will be the only buyers of Vanilla Coke. c. Megan’s consumer surplus is $1.70 and total consumer surplus for the five individuals is $9.80. d. the demand curve for Vanilla Coke, taking the five individuals into account, is horizontal.
We say that a business is operating at peak efficiency when its __________ is held to a minimum.
A. average total cost B. average variable cost C. marginal cost D. price
In traditional economic models, homo economicus is assumed to be all of the following EXCEPT:
A. cognitively sophisticated. B. altruistic. C. highly disciplined. D. well-informed.