If total revenue is increased, which of the following must have been true?
a. MR = 0
b. MR > 0
c. MR = AR
d. MR < 0
e. MR < MC
B
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A nation's real GDP was $250 billion in 2014 and $265 billion in 2015. Its population was 120 million in 2014 and 125 million in 2015. What is its real GDP per capita in 2015?
A. $2,120 per person B. $212 per person C. $205 per person D. $21,200 per person
What is the nominal value of money?
A) its actual face value B) what can be purchased with the money C) discounts taken by multiple purchases D) savings by shopping on specific days of the week
Two companies in a city provide insurance for cars—Company A and B. Company A pays 100% of the money required for repair in case of an accident, while Company B pays 70% of the total money required
A research agency has found that Company A's customers have more accidents. Which of the following explains this difference? A) Moral hazard B) Adverse selection C) The presence of positive externalities D) The presence of negative externalities
Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 2015 and $22 in 2016. If 2015 is the base year, Peg's contribution to nominal GDP in 2015 was ________ and to real GDP in 2015 was ________.
A. $80,000; $80,000 B. $80,000; $88,000 C. $88,000; $90,000 D. $80,000; $99,000