Marginal revenue is
a. the change in total revenue divided by total output
b. total revenue divided by total output
c. total revenue minus total cost then divided by total output
d. the change in total revenue divided by the change in price of output
e. the change in total revenue divided by the change in total output
E
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How have financial innovations such as direct deposit of paychecks, electronic payment of bills, and automated teller machines (ATMs) affected the velocity of money and the demand for real money balances?
What will be an ideal response?
Which of the following is true when there is excess demand for a product in a market?
a. Price must be above the equilibrium price. b. Price will tend to fall. c. Producers will reduce output and sales will fall. d. Price must be below the equilibrium price.
The demand for money schedule shows that the quantity of money that people want to hold
A. rises as income rises. B. falls as income rises. C. falls as the interest rate rises. D. falls as the real price of money rises.
Recall the Application about the attempt to form a salt cartel in the 19th century to answer the following question(s).Recall the Application. One reason cited for the failure of the salt cartel was:
A. the demand for salt sharply declined in the late 19th century. B. new firms entering the market and underpricing the cartel. C. foreign competition taking over the salt market. D. the federal government's banning of price fixing in the salt market.