Given the data in the above table, what is the marginal revenue when the 15th unit is sold?
A) $7.00
B) $5.00
C) $3.00
D) $1.00
D
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Is the number of sellers in the market the only thing that is different in each of the four market types economists study?
What will be an ideal response?
According to the Law of Demand, the demand curve for a good will
A) shift leftward when the price of the good increases. B) shift rightward when the price of the good increases. C) slope downward. D) slope upward.
A monopoly incurs a marginal cost of $1 for each unit produced. If the price elasticity of demand equals -2.0, the monopoly maximizes profit by charging a price of
A) $1.00. B) $1.50. C) $2.00. D) $3.00.
Which of the following is a positive statement?
a. Driving speeds should be lowered so that fewer accidents will occur. b. When per capita income falls, fewer meals are consumed at restaurants. c. The minimum wage is too low; college students deserve a raise. d. Cigarette sales should be made illegal in order to reduce the incidence of cancer. e. Social Security is a good program for U.S. workers.