The ________ represents the additional revenue that comes from using one more unit of input.
A. average revenue product
B. learning curve
C. marginal revenue product
D. economic profit
Answer: C
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When a perfectly competitive industry is taken over by a monopoly, some consumer surplus is transferred to the monopolist in the form of
A) marginal cost. B) economic profit. C) deadweight loss. D) taxes. E) average variable cost.
The table above gives Jane's total utility from magazines and CDs. What is the marginal utility of the sixth CD?
A) 150 units B) 100 units C) 50 units D) 5 units
If a hot dog vendor on a street corner experiences an increase in total revenue after lowering the price of a hot dog, then the demand for the hot dogs must be elastic
Indicate whether the statement is true or false
Refer to Figure 9.3. If the market is in equilibrium, total consumer and producer surplus is
A) $0. B) $4. C) $5. D) $600. E) $800.