A monopolist can sell 20 toys per day for $8.00 each. To sell 21 toys per day, the price must be cut to $7.00. The marginal revenue of the 21st toy is:

What is the difference between an autonomous change in spending and an induced change in spending?

What will be an ideal response?

Which of the following will lead to a movement along the same demand curve?

a. Changes in income. b. Changes in the price of substitute goods. c. Changes in the price of the product. d. Changes in the preference of the consumer.