The Jeans Store sells 7 pairs of jeans per day when it charges 100 per pair. It sells 8 pairs of jeans per day at a price of 90 per pair. The marginal revenue of the eighth pair of jeans is
A) 20. B) 90. C) 100. D) 700.
Question 2
Which of the following describes the difference between the market demand curve for a perfectly competitive industry and the demand curve for a firm in this industry?
A) The market demand curve is downward sloping; the firm's demand curve is a vertical line.
B) The market demand curve is downward sloping; the firm's demand curve is a horizontal line.
C) The market demand curve is a horizontal line; the firm's demand curve is downward sloping.
D) The market demand curve can not have a constant slope; the firm's demand curve has a slope equal to zero.
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