This table represents the revenues faced by a monopolist.PriceQuantity SoldTotal RevenueAverage RevenueMarginal Revenue$1,0001$1,000 $9002$1,800 $8003$2,400 $7004$2,800 $6005$3,000 $5006$3,000 $4007$2,800 Using the information in the table shown, the marginal revenue for the 4th unit is:
A. That cannot be calculated from the information given.
B. the same as that of the 3rd unit.
C. higher than that of the 3rd unit.
D. lower than that of the 3rd unit.
Answer: D
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According to the Keynesian view of aggregate supply, an increase in the money supply will:
A. Always cause inflation. B. Cause inflation if the economy is at full employment. C. Cause inflation only if aggregate supply is horizontal. D. Never cause inflation.
Due to the nature of the patent laws on pharmaceuticals, the market for such drugs
a. always remains a competitive market. b. always remains a monopolistic market. c. switches from competitive to monopolistic once the firm's patent runs out. d. switches from monopolistic to competitive once the firm's patent runs out.