-Refer to the Table Above

question 50

Multiple Choice

-Refer to the table above.When the firm lowers price from $8 to $7,marginal revenue is less than $7 because

• A) marginal cost is greater than $3.
• B) the consumer only pays $4 for the fourth unit.
• C) the firm is charging $1 less for each of the first three units of output.
• D) demand is perfectly elastic.
• E) the firm only collects $4 for the fourth unit.

---

Definitions:

Respective Distributions

The allocation or dissemination of items, resources, or property among recipients according to a plan or process.

Last Will

A legal document by which a person expresses their wishes as to how their property is to be distributed at death.

Mixture

A combination of different elements or substances not chemically bound to each other.

Canadian Dollar

The official currency of Canada, symbolized as CAD or C$.