What is the marginal revenue from selling the third unit?
a. $50
b. $100
c. $150
d. $0
b
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In the market for Canadian dollars measured in US dollars, the demand for US dollars is
a. The supply of Canadian dollars b. The demand for Canadian Dollars c. The supply of US dollars d. None of the above
According to the graph shown, if this economy were an autarky, producers would enjoy area:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. BCEFG
B. BCDEFG
C. G
D. EFG
Consider a demand curve for reckless driving, for which the "price of reckless driving" is interpreted as the probability of having a fatal accident. When could safer cars lead to an increase in total number of driver fatalities?
a. Always. b. Never. c. When the demand curve is relatively flat. d. When the demand curve is relatively steep.
A surplus occurs when the market price is lower than the equilibrium price
Indicate whether the statement is true or false