Marginal revenue is defined as
A. the change in total revenue from a unit change in price.
B. the change in average revenue from a one-unit change in output.
C. the change in total revenue from a one-unit change in output.
D. the change total cost from a one-unit change in output.
Answer: C
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An income tax for which the average tax rate decreases with income is called a
A) regressive income tax. B) proportional income tax. C) flat-rate income tax. D) progressive income tax.
Refer to Table 2-18. What is Minnie's opportunity cost of making an umbrella?
A) 1/10 of a hat B) 1/4 of a hat C) 4 hats D) 40 hats
Direct foreign investment is considered an attractive investment because
a. it is usually focused on infrastructure b. it initiates projects that are later taken over by domestic entrepreneurs c. it only employs foreign workers so it doesn't interfere with domestic development planning d. it typically involves bringing into the LDCs new expertise e. it replaces domestic investment
According to ________ ______ ?theory, economic growth can continue as long as we keep coming up with new ideas.
Fill in the blank(s) with the appropriate word(s).