Suppose the table below describes the relationship between price and quantity demanded for a monopolist.QuantityPrice1$102$93$84$75$66$57$48$3 The marginal revenue of the third unit of output is:
A. $24.
B. -$1.
C. $8.
D. $6.
Answer: D
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The other-things-constant assumption
a. allows the economist to make useful predictions b. is a prediction c. applies only to consumers' decisions, not to those of firms d. forces the economist to ignore reality, where things are constantly changing e. implies rational self-interest on the part of all economic actors
Campaign speeches normally include normative economic statements
a. True b. False Indicate whether the statement is true or false
In 2015, there were about _____ million union members in the United States.
A. 16.4 B. 11.6 C. 8.4 D. 22.0
A microeconomist would study all of the following issues EXCEPT
A. the impact of a snowstorm on the sales of snow shovels. B. the impact of a change in consumer income on the sales of corn. C. the effect of a change in income taxes on the nation's rate of unemployment. D. the most efficient means for General Motors to produce an automobile.