"As long as total revenue slopes up, marginal revenue must slope up also." Explain whether this statement is true or false
Marginal revenue is the slope of total revenue. Marginal revenue typically slopes down, since total revenue typically increases, but at a decreasing rate.
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Refer to Figure 4.1. Alvin is the ________ player
A) row B) column C) chapter D) page
The United States is one of the richest nations in the world,
A) so it does not need to trade with poor nations in order to achieve any gains from trade. B) so it might not have a comparative advantage in producing any goods. C) but it can still benefit from specialization and trade. D) so it must have a comparative advantage in the production of all goods. E) so it must have an absolute advantage in the production of all goods.
Which statement is true?
A. Frank Knight believed that capital is surplus value that has been stolen from the worker. B. Joseph Schumpeter believed that risk-bearing is no part of the entrepreneurial function. C. Karl Marx believed that profits were the capitalist's reward for innovation. D. None of the statements are true.
When the Fed sells government securities, it:
A. lowers the cost of borrowing from the Fed, encouraging banks to make loans to the general public. B. raises the cost of borrowing from the Fed, discouraging banks from making loans to the general public. C. decreases the amount of excess reserves that banks hold, discouraging them from making loans to the general public. D. increases the amount of excess reserves that banks hold, encouraging them to make loans to the general public.