If the output of a firm is increased by one unit, the revenue addition is called
a. total revenue.
b. average revenue.
c. marginal revenue.
d. economic profit.
c
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Because there are ________ for total factor productivity, ________ must be the explanation for increases in labor productivity and the standard of living
A) diminishing marginal returns; capital accumulation B) no diminishing marginal returns; total factor productivity C) no diminishing marginal returns; capital accumulation D) diminishing marginal returns; total factor productivity
Which of the following is a possible outcome of a minimum wage imposed by a government? a. It leads to an increase in consumer surplus
b. It favors women and children and helps improve their standard of living. c. It eradicates the problem of unemployment from the market. d. It creates a labor surplus or unemployment. e. It creates a labor deficit.
Which of the following is the best example of a change in the seller’s input prices?
a. The amount of sales tax increases. b. The fees charged by a law firm increase. c. The cost of factory labor increases. d. The price of sandwiches increases.
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. negative demand side shock. B. negative supply side shock. C. positive demand side shock. D. positive supply side shock.