The additional income from selling one more unit of a good:
a. increasing marginal returns
b. total cost
c. marginal revenue
d. marginal product of labor
e. marginal cost
Ans: c. marginal revenue
Economics
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Consider an industry that is in long-run equilibrium. An increase in demand leads to a decrease in the price of the good. We know that this is
A) a decreasing-cost industry. B) a constant cost industry. C) an increasing-cost industry. D) not a competitive industry.
Economics
When the price level in the United States rises, then net exports should
A. rise and equilibrium real GDP should increase. B. fall and equilibrium real GDP should increase. C. fall and equilibrium real GDP should decrease. D. rise and equilibrium real GDP should decrease.
Economics