Which of the following equals the ratio of the change in total revenues over the change in output?
A. demand
B. marginal revenue
C. average revenue
D. total cost
Answer: B
You might also like to view...
In the long run, a perfectly competitive industry is allocatively efficient because
a. the opportunity cost of resources needed to produce the last unit of output just equals the marginal value to consumers of the last unit b. it maximizes producer surplus c. consumer surplus could be larger if the price were lower d. production occurs at the lowest average total cost e. marginal costs are low
When a bank loans out $1,000, the money supply
A. increases. B. decreases. C. does not change. D. None of the above is correct.
Refer to the above table (figures in billions). Between 2016 and 2017 real GDP
A. increased by $360.5 billion. B. increased by $176.17 billion. C. increased by $1.76 billion. D. increased by $191.7 billion.
When people make decisions on the basis of the face value of currency rather than the real value, their decisions reflect
A. The wealth effect of inflation. B. The income effect of inflation. C. Money illusion. D. The price effect of inflation.