Marginal revenue is the
A) ratio of total revenue to quantity.
B) difference between total revenue and total costs.
C) added revenue that a firm takes in when it increases output by one additional unit.
D) additional profit the firm earns when it sells an additional unit of output.
C) added revenue that a firm takes in when it increases output by one additional unit.
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Improvements in information technology over the past decade have enhanced labor productivity. What has been a likely result of this change?
A) Unemployment has increased. B) Entrepreneurs no longer have an incentive to invest in information technology. C) Capital productivity has declined. D) The rate of economic growth has increased.
A scatter diagram shows the
A) level of one variable over time. B) change in one variable over time. C) relationship between two variables. D) evolution of a variable.