Marginal revenue is defined as
A) the value of a firm's sales.
B) the total revenue from the total amount the firm sells.
C) the change in total revenue that results from a one-unit increase in the quantity sold.
D) total revenue divided by the total quantity sold.
C
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Refer to the scenario above. Which of the following statements is true about the model's prediction?
A) The prediction can be applied to estimate the returns only for a limited number of years of additional education. B) The prediction is an approximate relationship and may not hold for everyone. C) The prediction cannot be verified empirically. D) The prediction is precise, exact, and accurate for the entire population.
Suppose that in Slovakia one unit of labor can produce either 16 tons of wheat or 32 tons of soy and in Poland one unit of labor can produce either 4 tons of wheat or 2 tons of soy. Given this information, which of the following statements is true?
A. Slovakia has a comparative advantage in producing neither wheat nor soy. B. Poland has a comparative advantage in producing soy but not wheat. C. Slovakia has a comparative advantage in producing both wheat and soy. D. Poland has a comparative advantage in producing wheat but not soy.