When marginal revenue is positive,
A. marginal revenue is greater than price.
B. demand is elastic.
C. decreasing price will decrease total revenue.
D. both b and c
E. all of the above
Answer: B
You might also like to view...
Refer to the figure above. What is the consumer surplus when the market is perfectly competitive?
A) $30 B) $60 C) $90 D) $180
Which of the following is the best example of a public good?
a. Cars. b. Education. c. Radios. d. Air traffic control.
The price of labor per unit times the amount of labor used is called
A. labor input. B. labor cost. C. marginal labor. D. marginal cost.
Refer to the data provided in Table 17.3 below to answer the following question(s). The table shows the relationship between income and utility for Terri.Table 17.3 IncomeTotal Utility $00$20,00010$40,00025$60,00045$80,00075Refer to Table 17.3. Suppose Terri has a 25% chance of becoming disabled in any given year. If she does become disabled, she will earn $0. If Terri does not become disabled, she will earn her usual salary of $80,000. Terri has the opportunity to purchase disability insurance for $20,000 which will pay her her full salary in the event she becomes disabled. Would Terri purchase such a policy?
A. yes B. no C. maybe D. indeterminate from the given information