Marginal revenue is the addition to total revenue resulting from the addition of one unit to total output
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Refer to Figure 15-15. Why won't regulators require that Erickson Power produce the economically efficient output level?
A) because at the economically efficient output level, the marginal cost of producing the last unit sold exceeds the consumers' marginal value for that last unit B) because Erickson Power will earn zero profit C) because there is insufficient demand at that output level D) because Erickson Power will sustain persistent losses and will not continue in business in the long run
Which of the following services is performed by the regional Federal Reserve banks?
A. Issuing government bonds. B. Holding bank reserves. C. Bailing out or liquidating failed banks. D. Determining open market operations.
Refer to the information provided in Figure 20.1 below to answer the question(s) that follow.
Figure 20.1Refer to Figure 20.1. The opportunity cost of producing a bushel of alfalfa in Canada is
A. half a bushel of soybeans. B. 1 bushel of soybeans. C. 2 bushels of soybeans. D. zero.
As the relative price of a good falls, the substitution effect implies that people buy
A) less of that good and more of its substitutes. B) more of that good and less of its substitutes. C) less of that good and less of its substitutes. D) more of that good and more of its substitutes.