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
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
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