Which of the following is not possible?
a. Demand is elastic, and a decrease in price causes an increase in revenue.
b. Demand is unit elastic, and a decrease in price causes an increase in revenue.
c. Demand is inelastic, and an increase in price causes an increase in revenue.
d. Demand is perfectly inelastic, and an increase in price causes an increase in revenue.
b
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Marginal profit is the profit
a. earned by a firm that is about to go out of business. b. calculated directly from the total cost curve. c. that is added by a one-unit increase in total output. d. earned for each dollar of cost increase.
The value of the marginal product is the:
A. marginal product generated by an additional unit of input times the price of output. B. additional inputs required to produce one more additional unit of output. C. marginal revenue generated by an additional unit of output times the number of workers hired. D. average revenue generated by workers at a firm.