When the price of a good is constant, marginal revenue is the same as
a. total revenue
b. average total cost
c. price
d. quantity of output
e. profit per unit
C
Economics
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Refer to Table 2-9. What is Japan's opportunity cost of producing one pound of rice?
A) 0.04 units of a wristwatch B) 4 wristwatches C) 25 wristwatches D) 40 wristwatches
Economics
The U.S. military defends Jacob from foreign attackers. The fact that Jacob enjoys this protection does not detract from others Americans' enjoyment of it. For this reason, we say that national defense is
a. excludable. b. not excludable. c. rival in consumption. d. not rival in consumption.
Economics