Marginal revenue (MR) is ____ when total revenue is maximized
a. greater than one
b. equal to one
c. less than zero
d. equal to zero
e. equal to minus one
d
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A fall in the price of a good increases the real income or purchasing power of consumers so that they are able to buy more of the product. This statement best describes:
A) the income effect. B) a complementary good. C) the substitution effect. D) an inferior good.
Transfer payments are not part of government expenditure on goods and services because transfer payments
A) are not predictable given the nature of their appropriation and allocation. B) do not represent the purchase of a final good or service. C) are not always spent on goods produced in the U.S. D) The premise of the question is incorrect because transfer payments are part of government purchases of goods and services.