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Author Question: What is net marginal revenue? A) The same as marginal profit. B) The additional revenue the ... (Read 53 times)

newyorker26

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on: Jul 1, 2018
What is net marginal revenue?
 
  A) The same as marginal profit.
  B) The additional revenue the firm earns from an extra unit of an internally produced intermediate input.
  C) The additional revenue the firm earns from producing one more unit of output.
  D) The additional revenue the firm earns from selling one more unit of output.

Question 2

Suppose the supply of farmland is infinitely inelastic and the demand for land is downward sloping but inelastic at the current equilibrium.
 
  If the supply curve shifts leftward (e.g., some farmland is permanently converted to other uses), what happens to the aggregate economic rents in this market?
  A) Decrease
  B) Increase
  C) Remain the same
  D) We do not have enough information to answer this question.


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vseab

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

B

Answer to Question 2

B


newyorker26

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

TheDev123

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Reply 3 on: Yesterday
Excellent

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