What is marginal revenue?
What will be an ideal response?
Marginal revenue is the change it total revenue from selling one more unit of output.
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When the government's expenditures exceed its tax revenues, the budget
A) has a deficit and the national debt is increasing. B) has a surplus and the national debt is increasing. C) is balanced and the national debt is increasing. D) has a deficit and the national debt is decreasing. E) None of the above because by law the government's expenditures cannot exceed its tax revenue.
The International Brotherhood of Electricians is an example of a(n)
a. agency union b. industrial union c. skilled union d. craft union e. federated union
If the U.S. has a comparative advantage in almonds relative to Japan, we would expect that
A. the U.S. would export almonds to Japan and Japan would export almonds to the U.S. B. Japan would export almonds to the United States. C. the U.S. would export almonds to Japan. D. None of these situations would take place.
When comparing market and public sector decision making, which statement is NOT true?
A. Self-interest is the motivating force in each decision making arena. B. Collective (political) outcomes and economic outcomes may differ. C. In both decision making sectors, there are scarcity constraints. D. In both decision making sectors, majority rule is how things are done.