Marginal revenue of nth unit of output is:
a. total revenue of (n+1)th unit minus total revenue of nth unit.
b. total revenue of nth unit minus total revenue of (n-1)th unit.
c. total revenue of (n+1)th unit minus total revenue of (n-1)th unit.
d. the sum of total revenue of (n+1)th unit and nth unit.
e. the sum of total revenue of (n+1)th unit and (n-1)th unit.
b
Economics
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If the natural unemployment rate is 5.5 percent, then the economy is in an inflationary gap when the actual unemployment rate is
A) greater than 5.5 percent. B) less than 5.5 percent. C) 0 percent. D) 5.5 percent.
Economics
Briefly and concisely define the following concepts and terms.
a. marginal social cost b. detrimental externalities c. free-rider problem d. cost disease e. “defective telescopic faculty”
Economics