Which of the following is NOT true about marginal revenue?

A. It is a firm's marginal benefit.

B. It is defined as the extra revenue generated by the production of one more unit.

C. It can be expressed mathematically as MR = [R(Q - ?Q) - R(Q)]/?Q.

D. It can be expressed mathematically as ?R/?Q.


C. It can be expressed mathematically as MR = [R(Q - ?Q) - R(Q)]/?Q.

Economics

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Using the figure above, suppose a subsidy of $15,000 per student is provided to private colleges. When the market is in equilibrium, marginal social benefit ________ marginal cost, and the number of students enrolled is ________

A) exceeds; above the efficient quantity B) exceeds; below the efficient quantity C) is below; above the efficient quantity D) is below; below the efficient quantity E) equals; efficient

Economics

An economy is operating with optimum efficiency if

A. the price of the product is greater than marginal cost. B. the production of more of commodity A entails the production of less of commodity B. C. marginal cost of output is greater than marginal utility of output. D. an increase in output would result in a decrease in average cost per unit.

Economics

If land and labor are complementary resources and the price of capital goes up, the employment of labor _________.

Fill in the blank(s) with the appropriate word(s).

Economics

Advertising can lead to more competition and lower prices for consumers.

Answer the following statement true (T) or false (F)

Economics