When marginal revenue is zero,
A. P = MR.
B. P < MR.
C. a small increase in price causes no change in total revenue.
D. a small decrease in price causes no change in total revenue.
E. both c and d
Answer: E
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The official poverty level is based on pretax income including cash. Which of the following statements is correct regarding this official specification of poverty?
A) This is a good definition of poverty since it is made up of the income from productive resources. B) This is not a good definition of poverty because our tax structure consists of different tax brackets based on income. C) This is not a good definition of poverty because it does not include in-kind subsidies. D) This is a good definition of poverty because it is easy to measure.
The Community Reinvestment Act (CRA) was passed in 1977 to encourage financial institutions to_________________________. It was revised in 1995 to ____________ the percentage of mortgage loans going to low- and moderate-income borrowers
A) lend to only the most qualified borrowers; increase B) meet the needs of borrowers in all segments of their communities; decrease C) meet the needs of borrowers in all segments of their communities; increase D) lend to only the most qualified borrowers; decrease
Jason spends all afternoon baking a cake. When it comes out of the oven, it's burnt and sunk in the middle. Jason thinks about all the time he invested in making it and decides he'll spend more time frosting it and eat it anyway, even though it tastes pretty terrible. Jason's decision to continue to decorate and eat the cake is a good example of:
A. someone focusing on sunk costs. B. someone ignoring sunk costs. C. someone thinking marginally. D. someone weighing the opportunity costs of frosting and eating the cake and the benefits of doing so.
During the Great Depression, classical theorists believed that:
A. Wages would rise and full employment would be restored. B. Full employment was unlikely without government spending. C. Monetary policy was necessary to decrease interest rates. D. Decreases in production were temporary.