If rapid increases in oil prices caused price levels to increase and real GDP to decrease in the short run, the economy would experience

According to the theory of cost, specialization in the use of variable resources in the short-run results initially in:

a. decreasing returns and declining average and marginal costs b. increasing returns and declining average and marginal costs c. increasing returns and increasing average and marginal costs d. decreasing returns and increasing average and marginal costs e. none of the above

A firm's marginal revenue is defined as:

a. the ratio of total revenue to total quantity produced. b. the additional output produced by lowering price. c. the additional revenue received due to technical innovation. d. the additional revenue received when selling one more unit of output.