OutputMarginal RevenueMarginal Cost0----1$16$142169316154162151628Refer to the above data. At the profit-maximizing output, the firm's total revenue is:
A. $38.
B. $48.
C. $80.
D. $64.
Answer: B
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If a factor of production comes to have more and more alternative uses, its supply curve to any one use
a. remains unchanged. b. becomes more inelastic. c. becomes more elastic. d. may move in any direction.
A pack of chocolates purchased by Monica from a shop is an example of a _____
a. merit good b. club good c. public good d. private good
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What will be an ideal response?