For all firms, the additional revenue collected from the sale of one additional unit of output is termed:
A. marginal profit.
B. average revenue.
C. price.
D. marginal revenue.
Answer: D
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Price supports are a form of price ceiling for agricultural products that lowers prices for consumers and enhances market efficiency.
Answer the following statement true (T) or false (F)
One study from the United Kingdom (cited in the textbook) showed that almost ______ times as many firms that faced global competition reported innovations in product or process compared to firms that did not face global competition
A) three B) six C) nine D) twelve
Fran runs a doughnut shop in a tiny 3-person town. The accompanying table shows the quantity demand by the three townspeople at various prices.Price Per DoughnutQuantity Demandedby AlQuantity Demandedby BettyQuantity Demandedby Carol10 cents104625 cents92535 cents71550 cents504When the price of a doughnut is 50 cents, what is the market demand for doughnuts?
A. 9 doughnuts B. 31 doughnuts C. 20 doughnuts D. 5 doughnuts
Suppose the company that owns the vending machines on your campus has doubled the price of a can of soda. They then notice that they are selling approximately 15% fewer sodas. The price elasticity of demand for sodas from the campus vending machines, therefore, is:
A. elastic B. inelastic C. unit elastic D. infinite