Marginal revenue is the change in:
a. total profit brought about by selling one more unit of output.
b. price brought about by selling one more unit of output.
c. total revenue brought about by selling one more unit of output.
d. output brought about by a $1 change in product price.
e. average revenue brought about by selling one more unit of output.
c
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If people increase their rate of time preference
A) more credit is made available in the banking system. B) less credit is made available in the banking system. C) the demand for credit shifts left. D) the supply of credit shifts right.
What is the difference between real and nominal GDP, and why do economists make this distinction?
What will be an ideal response?
In the market for reserves, a lower discount rate
A) decreases the supply of reserves. B) increases the supply of reserves. C) lengthens the vertical section of the supply curve of reserves. D) shortens the vertical section of the supply curve of reserves.
What is the result of an agricultural support price established above the equilibrium price?
A) The market gravitates toward and remains in equilibrium. B) There will be excess quantity supplied of the product involved. C) There will be excess quantity demanded the product in this market. D) Since the support price is set above the equilibrium price, it will have no impact on the market price.