Marginal revenue is equal to:
A. the change in total revenue associated with a change in quantity.
B. the change in total profits associated with a change in quantity.
C. total revenue divided by its output.
D. marginal cost.
Answer: A
Economics
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Which of the following will cause an inward shift of the production possibilities curve of an economy?
A) A decrease in the demand for goods and services B) Introduction of better technology C) A decline in the size of the labor force D) An increase in the opportunity cost of the goods being produced
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If an increase in the price of peaches reduces the demand for cream, this indicates that peaches and cream are
a. normal goods. b. inferior goods. c. complements. d. substitutes.
Economics