Use the figure below, which shows a linear demand curve and the associated total revenue curve, to answer the question.
The marginal revenue of the 700th unit is $________ and demand is ________ at this point.
A. 15; elastic
B. -20; elastic
C. 15; inelastic
D. -20; inelastic
Answer: D
You might also like to view...
The exit of existing firms from an industry will very likely
A. shift the industry supply curve to the left. B. cause the market price to rise. C. eliminate the losses of existing firms in the industry. D. All of the responses are correct.
President Bush lowered taxes on capital gains and dividends in 2003. Explain how this might increase aggregate supply
What will be an ideal response?
The Fed could conduct an open market purchase to eliminate an inflationary gap.
a. true b. false
Net public debt is the
A. sum of accumulated government deficits and surpluses held by large money center banks. B. difference between tax revenues and government expenditures each year. C. sum of accumulated government deficits and surpluses held by U.S. government agencies. D. sum of accumulated government deficits and surpluses held by individuals and businesses and foreign institutions.