Marginal revenue is the change in:
A. total profit brought about by selling one more unit of output.
B. The change in price a firm can charge brought about by selling one more unit of output.
C. total revenue brought about by selling one more unit of output.
D. output brought about by a $1 change in product price.
Answer: C
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According to classical theory, full employment in the labor market occurs
A) only when actual expenditures are greater than desired expenditures. B) only when the economy has just experienced a demand shock. C) whenever aggregate demand is less than aggregate supply. D) at a wage rate at which quantity demanded equals quantity supplied.
If total Fed assets __________, then reserves have to __________, everything else being equal
A) fall; rise B) rise; fall C) fall; fall D) None of the above.