A monopoly firm can sell 150 units of output for $10 per unit. Alternatively, it can sell 151 units of output for $9.98 per unit. The marginal revenue of the 151st unit of output is

Of the many arguments in favor of tariffs, the one that has enjoyed significant economic justification has been the

A) cheap foreign labor argument. B) infant industry argument. C) even playing field argument. D) balance of payments argument. E) domestic living standard argument.

The marginal revenue received by a perfectly competitive firm is greater than the price of a good

a. True b. False Indicate whether the statement is true or false