If the demand curve for a firm's output is P=100-5Q, the marginal revenue curve will be
A. MR=20-5Q.
B. MR=100-5Q.
C. MR=100-10Q.
D. MR=20-Q.
Answer: C
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The law of demand states that the quantity of a good demanded varies
A) inversely with its price. B) inversely with the price of substitute goods. C) directly with income. D) directly with population.
Which of the following always results in an increase in equilibrium price and quantity?
A) an increase in supply and a decrease in demand B) an increase in demand with no change in supply C) an increase in supply with no change in demand D) all of the above
Which is assumed to be most limited in scope under a market system?
A. Freedom of choice. B. Government. C. Competition. D. Freedom of enterprise.
Refer to Table 3.1 to answer the following questionTable 3.1 Individual Demand and Supply SchedulesQuantity Demanded byPriceAlejandroBenCarlMarket$8.00842________6.001244________4.002046________2.002246________Quantity Supplied byPriceAveryBrandonCassandra $8.006046________$6.004244________$4.002442________$2.00640________In Table 3.1, if the price is $8, the market will
A. Experience a surplus of 56 units. B. Experience a surplus of 30 units. C. Experience a shortage of 22 units. D. Be in equilibrium.