Jim' burger produces 500 burgers per week. Each burger is priced at $3 . What is the marginal revenue of selling the 50th burger?
a. $3
b. $150
c. $147
d. It cannot be determined with the information given
a
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Moral hazard exists chiefly because of
A) economies of scale. B) diseconomies of scale. C) private information. D) public information.
Incorporating the Phillips curve into the aggregate supply curve
a. lengthens the horizontal segment and shortens the vertical b. lengthens the vertical segment and shortens the horizontal c. creates an upward-sloping segment after the vertical and before the horizontal segments d. creates an upward-sloping segment after the horizontal and before the vertical segments e. creates a downward-sloping segment after the horizontal and before the vertical segments
Which of the following is an obstacle that would reduce the likelihood of effective collusion among oligopolists?
a. a highly inelastic market demand for the product b. a small number of firms in the market c. production of a homogeneous product d. highly unstable demand for the product
Equilibrium GDP is reached when
a. aggregate expenditure exceeds GDP b. aggregate expenditure is less than GDP c. aggregate expenditure equals the level of output d. the level of output is greater than aggregate expenditure e. the level of output is less than aggregate expenditure