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.
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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
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.
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).
Advertising can lead to more competition and lower prices for consumers.
Answer the following statement true (T) or false (F)