The change in a firm's total revenue due to selling an additional unit of output is known as
a. marginal revenue
b. average revenue
c. price
d. marginal cost
e. marginal revenue product
A
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Which of the following is a rationale for the government provision of education?
A) Everyone has the right to education regardless of wealth. B) Students consider only their personal benefits gained from education, but education also benefits the rest of society. C) No education would be provided in the absence of government provision because everyone would consume it without paying. D) The cost of providing education for the entire public is too large for the private sector. E) The government can provide education at a much lower cost than the private sector.
Suppliers will be willing to supply a product in all of the following situations except when
A) the price received is greater than the additional cost of producing the product. B) the price received is at least equal to the additional cost of producing the product. C) the price received is less than the additional cost of producing the product. D) the price received is equal to the additional cost of producing the product.
A firm has to decide between two projects that cost $10,000 each. Project A will provide a revenue $10,700 one year from now, while Project B will provide a revenue of $12,200 two years from now. The interest rate is 10% per year. This firm
A) chooses project A. B) chooses project B. C) rejects both projects. D) is indifferent between projects A and B.
Using the "rule of 2," which of the following variables can be deemed statistically significant?
A) PA B) PB C) I D) All of the above E) None of the above