Marginal revenue is equal to:
A. the change in total revenue associated with a change in quantity.
B. the change in total profits associated with a change in quantity.
C. total revenue divided by its output.
D. marginal cost.
Answer: A
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An oligopoly market is:
A. a market with many sellers. B. a market with a single seller. C. a market with a few sellers. D. a market with many buyers.
In order to compare benefits today with future costs, we need to know:
A. the interest rate. B. the rate of inflation. C. the uncertainty associated with future benefits and costs. D. All of these statements are true.
City streets, sewage systems, and police protection are all examples of:
a. public goods. b. private goods. c. exclusive goods. d. rival goods. e. consumer goods.
A country that does not engage in international trade is likely to face a problem because: a. some industries are too small to be efficient if restricted to their domestic markets alone. b. it cannot produce along its production possibilities frontier
c. domestic producers face a fluctuating demand for their products. d. it cannot consume at a point below its production possibilities frontier.