Refer to the following figure. When quantity demanded is 3,000, what is marginal revenue?
A. -$10
B. $12
C. $10
D. $15
E. 0
Answer: A
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The above table shows the per day total cost for Kiley's Baseball Glove Company. Each glove is priced at $50 and Kiley's Baseball Glove Company is a perfectly competitive firm
Between which two amounts of output does Kiley's Baseball Glove Company make an economic profit? A) 0 and 8 B) 1 and 8 C) 2 and 7 D) 3 and 6
The idea behind the Phillips curve is that ________
A) tight labor markets lead to inflationary pressures B) when the unemployment rate is low, wages will increase C) when firms raise wages to attract new workers, prices will also increase D) all of the above E) none of the above
Managers will use ________ probabilities to estimate the likelihood of a profitable entry into a foreign market.
A) subjective B) objective C) known D) relative
In the above table, if the marginal revenue product is $14, how many workers will the profit maximizing monopsonist hire?
A) 2 B) 3 C) 4 D) 5