Hi Phi Sound Unlimited has a monopoly over the installation of surround sound systems. If Hi Phi Unlimited?s total revenue from installing 20 sound systems is $30,000 and its total revenue from installing 21 sound systems is $30,800, what is the marginal revenue of the twenty-first sound system?
A. -$1,500
B. -$700
C. $800
D. $1,467
Answer: C
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A measure defined per unit of time is called a(n) ________ variable.
A. stock B. aggregate C. flow D. nominal
The aggregate demand for money can be expressed by
A) Md = P × L(R,Y). B) Md = L × P(R,Y). C) Md = P × Y(R, L). D) Md = R × L(P,Y). E) Md = R × L(R, P).
Refer to the above table. How do we know that this is not a competitive firm?
A) The marginal physical product decreases as the amount of labor hired increases. B) The marginal revenue changes as output changes. C) The marginal revenue product decreases as the amount of labor increases. D) Marginal physical product cannot be computed for competitive firms.
Which of the following is true of an inflationary gap? a. It results in an inflationary increase in the price level of an economy
b. It occurs when an economy's aggregate expenditures are lower than its actual output. c. It results in an increase in the stock of inventories. d. It results in a decrease in input prices.