For a monopolist, the marginal revenue gained when one more unit of output is sold is
A. the average revenue created by the increased sales.
B. negative if price is above the midpoint of the demand curve.
C. equal to the price of the product.
D. the price at which the extra unit is sold minus the loss in revenue that results from cutting the price on units sold previously.
Answer: D
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Fixed exchange rates allow countries to formulate their economic policies independent of other nations
a. True b. False Indicate whether the statement is true or false
A profit-maximizing price searcher will expand output to the point where
a. total revenue equals total cost. b. marginal revenue equals marginal cost. c. price equals average total cost. d. price equals marginal cost.
The slope of the isoquant is
A. negative. B. the marginal rate of technical substitution. C. -MPL/MPK. D. All of the above are correct.
The cookie company in the mall hires workers to produce cookies. The workers are paid $75 per day, and the cost of renting the space in the mall is $250 per day. If two workers are hired, the variable costs are
a. $75 b. $100 c. $150 d. $200