The additional revenue received by a firm from selling one more unit of output is known as
a. total revenue
b. price
c. average revenue
d. marginal cost
e. marginal revenue
E
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Refer to Table 3-4. The table above shows the demand schedules for cashews of two individuals (Jordy and Amy) and the rest of the market. At a price of $6, the quantity demanded in the market would be
A) 87 lbs. B) 95 lbs. C) 103 lbs D) 215 lbs.
Refer to the information provided in Table 36.3 below to answer the question(s) that follow. Table 36.3 PointAggregate Income (Y)Aggregate Consumption (C) A 15 19 B 30 23 C 45 27 D 60 31 E 75 35 F 90 39The data in the table was used to estimate the following consumption function: C = 20 + 0.2YRefer to Table 36.3. The error for point F is equal to
A. -3. B. -1. C. +1. D. +2.
The Leontief Paradox
A) failed to support the validity of the Heckscher-Ohlin model. B) supported the validity of the Ricardian theory of comparative advantage. C) supported the validity of the Heckscher-Ohlin model. D) failed to support the validity of the Ricardian theory. E) proved that the U.S. economy is different from all others.
If Happy Avocados, a ready-made guacamole manufacturer, contracts with an outside supplier to produce avocados, this is an example of ________.
A) outsourcing B) forward integration C) divestiture D) backward integration