Average revenue equals the change in total revenue divided by the change in the quantity of output produced

When externalities are present, market prices do not reflect all the social costs or benefits of the activity

a. True b. False

Ethanol (E10) refers to

a. an alternative fuel that includes 10 units of MTBE b. the fuel commonly called gasohol c. a fuel comprised of 10 percent ethanol and 90 percent gasoline d. all of the above e. (b) and (c) only