Marginal revenue:
A) is the change in total revenue associated with producing one more unit of output.
B) is the product of the price of a good and its quantity sold minus the cost of production.
C) is always greater than the total revenue.
D) is always equal to the price of the good.
A
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Maximizing the level of output for a given total cost of production
A) necessitates using only relatively low-priced inputs. B) will maximize total revenue. C) is equivalent to producing the profit maximizing output level. D) is equivalent to minimizing cost for a given level of output.
Excess quantity demanded may result from
A) a government-imposed minimum price above market equilibrium. B) a government-imposed maximum price below market equilibrium. C) an oversupply of output. D) technological progress.