Compute the marginal revenue when the price elasticity of demand is ?0.10.
A. ?3P, meaning marginal revenue is negative and 3 times greater than price.
B. ?9P, meaning marginal revenue is negative and 9 times greater than price.
C. 3P, meaning marginal revenue is positive and 3 times greater than price.
D. 9P, meaning marginal revenue is positive and 9 times greater than price.
Answer: B
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In the Romer model, as more labor is devoted to research and development there is ________
A) an immediate increase in output per capita and a permanent increase in output per capita B) an immediate decrease in output per capita and a permanent increase in output per capita C) an immediate increase in output per capita and a permanent decrease in output per capita D) an immediate decrease in output per capita and a permanent decrease in output per capita
In recent years, the average prison sentence for managers convicted of violating the Sherman Act is ________ years.
A) five B) two C) three D) ten
If the slope of the consumption schedule is 0.75, then the slope of the saving schedule is:
A. 0.25 B. 0.75 C. 1.25 D. Cannot be determined from the data
Which of the following exemplifies spatial differentiation used by firms under monopolistic competition to differentiate their product in the market?
a. A car dealer offering free after sales service for the first 8 months b. A diamond jeweler offering products online and at retail stores situated at convenient locations c. A cosmetics manufacturer providing free skin care tips to its customers d. A toy manufacturer using bright colors for packaging its products