For a monopoly, marginal revenue is equal to
A) the amount people buy at a given price.
B) the amount people buy between two prices.
C) the change in total revenue brought about by a one-unit increase in quantity sold.
D) the price multiplied by the quantity sold.
E) the price of the product.
C
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When a shortage of a goods leads to a price increase, its price usually rises because
A) Americans are committed to capitalism. B) most people are better off if it does. C) sellers can benefit by raising their prices. D) higher prices lead to scarce goods being allocated most efficiently.
The Erie Canal provided the first reliable and relatively quick east-west link in markets. This link, consequently,
(a) increased profit margins and expanded markets for agriculturalists. (b) increased consumer prices in all markets. (c) increased transportation costs. (d) hindered trade and the accumulation of wealth.
If the demand for bonds increases, the
a. price and quantity of bonds in existence both increase b. price of bonds increases, but the quantity of bonds in existence decreases c. price of bonds increases, but the quantity of bonds in existence remains unchanged d. interest rate and quantity of bonds in existence both increase e. interest rate increases, but the quantity of bonds in existence remains unchanged
Externalities get their name from the fact that they are
a. of no value b. valued above the market price c. short lived d. outcomes created by markets that take no account of these outcomes e. outcomes created by markets that take these outcomes into account