When the Demand Curve Is Downward Sloping, Marginal Revenue Is

question 24

Multiple Choice

When the demand curve is downward sloping, marginal revenue is:

• A) equal to price.
• B) equal to average revenue.
• C) less than price.
• D) more than price.

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Definitions:

Self-Serving Bias

A common tendency for individuals to attribute their successes to personal characteristics and their failures to external factors.

Self-Effacing Bias

The tendency to downplay one's own success or attribute positive outcomes to external factors rather than to one's own efforts or abilities.

Rationalization Attribution

The process of explaining an individual's behavior with logical, but not always true, reasons to justify actions or opinions.

Self-Serving Bias

The common human tendency to attribute success to personal characteristics and failures to external factors, thereby protecting self-esteem.