For a monopolist, marginal revenue equals
A. Price times quantity.
B. Price.
C. The change in quantity divided by the change in total revenue.
D. The change in total revenue divided by the change in quantity.
Answer: D
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The marginal revenue for a single-price monopoly with a downward-sloping demand curve
A) is less than the price. B) is greater than the price. C) is equal to the price. D) might be more than, less than, or equal to the price, depending on whether the slope of the demand curve exceeds 1.0 in magnitude. E) might be more than, less than, or equal to the price, depending on whether the price elasticity of demand exceeds 1.0 in magnitude.
All of the following increase total factor productivity except
A) new inventions. B) more capital. C) new management techniques. D) favorable changes in government regulations.
Hughes and Cain (2011) give some credit to which of the following factors for the 1860–1910 increase in the number of people employed, shorter work days and higher real incomes?
(a) A decrease in the number of immigrants (b) A closed economy with no imports coming into or exports going out of the U.S. (c) Mechanical power and capital accumulation (d) All of the above
The OPEC crisis caused the aggregate demand curve to shift to the left
Indicate whether the statement is true or false