The increase in total revenue that results from the sale of one additional unit of output is known as
a. average revenue.
b. total revenue.
c. marginal revenue.
d. variable revenue.
c. marginal revenue.
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In many regulated industries, marginal cost will be
a. below average cost. b. above total cost. c. above marginal fixed cost. d. below incremental cost.
During a certain year, the consumer price index increased from 120 to 132 and the purchasing power of a person's bank account increased by 4 percent. For that year,
a. the nominal interest rate was 6 percent. b. the nominal interest rate was 14 percent. c. the inflation rate was 12 percent. d. the inflation rate was 9 percent.
Use the following graph to answer the next question.
If the government regulated the pure monopoly and made it produce the level of output that would achieve allocative efficiency, what price and quantity of output levels would we observe in the short run?
A. P1 and Q1 B. P2 and Q3 C. P3 and Q2 D. P4 and Q1
In the United States, inflation peaked around
A. 1973. B. 1980. C. 1982-1984. D. 1929.