Refer to Figure 13-3. The marginal revenue from one additional unit sold is the sum of the gain in revenue from selling the additional unit and the loss in revenue from having to charge a lower price to sell the additional unit
Based on the diagram in the figure
A) X represents the gain (price effect) and Y the loss (output effect).
B) Y represents the gain (output effect) and X the loss (price effect).
C) X + Z represents the loss (output effect) and Y the gain (price effect).
D) X represents the loss (price effect) and Y + Z the gain (output effect).
B
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A profit-maximizing firm employs resources to the point where:
A. MRC = MP. B. resource price equals product price. C. MRP = MRC. D. MP = product price.
In 2014, the Social Security Trust Fund held approximately
A. more than enough to deal with all future liabilities. B. $3 trillion in government bonds, and when combined with expected future taxes, that will be enough to deal with future liabilities. C. enough to deal with all future liabilities. D. $3 trillion in government bonds, and when combined with expected future taxes, that will still not be enough to deal with future liabilities.