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Author Question: A firm's marginal revenue is defined as a. the ratio of total revenue to total quantity produced. ... (Read 51 times)

mrsjacobs44

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on: Jul 1, 2018
A firm's marginal revenue is defined as
 a. the ratio of total revenue to total quantity produced.
  b. the additional output produced by lowering price.
  c. the additional revenue received due to technical innovation.
  d. the additional revenue received when selling one more unit of output.

Question 2

A firm's total revenue is equal to
 a. total quantity produced times marginal cost.
  b. total quantity produced times market price.
  c. marginal revenue times total quantity produced.
  d. market price divided by total quantity produced.


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Jmfn03

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Reply #1 on: Jul 1, 2018
Answer to Question 1

d

Answer to Question 2

b


mrsjacobs44

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

lcapri7

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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