If demand is estimated to be Qd = 240 - 6P, the marginal revenue function is
A. MR = 240 - 6P.
B. MR = 240 - 2Q.
C. MR = 240 - 12P.
D. MR = 40 - 2P.
E. MR = 40 - 0.33Q.
Answer: E
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Refer to Figure 15-2. In the figure above, the movement from point A to point B in the money market would be caused by
A) an open market sale of Treasury securities by the Federal Reserve. B) a decrease in real GDP. C) an increase in the price level. D) a decrease in the required reserve ratio by the Federal Reserve.
In which of the following situations will both market clearing price and the equilibrium quantity increase?
A) an increase in demand with no change in supply B) an increase in supply with no change in demand C) a decrease in supply with no change in demand D) a decrease in demand with no change in supply
Which of the following statements applies to economics, as well as to other sciences such as physics?
a. Experiments are considered valid only when they are conducted in a laboratory. b. Good theories do not need to be tested. c. Real-world observations often lead to theories. d. Economics, as well as other sciences, is concerned primarily with abstract concepts.
Suppose the Tasty Taco Company produces tacos. The number of tacos it can produce each hour depends on the number of workers it hires, as shown in the accompanying table. In addition, each taco can be sold for 50 cents more than the cost of the ingredients needed to produce it. Number of workers per hourNumber of tacos per hour00125245360470575 If the hourly wage for people who make tacos is $8, then how many workers should the Tasty Taco Company hire each hour?
A. 1 B. 3 C. 2 D. 4