Marginal Revenue Is

question 108

Multiple Choice

Marginal revenue is

• A)the change in total quantity that results from a one-unit increase in the price of the good.
• B)the change in total revenue that results from a one-unit increase in the quantity sold.
• C)economic profit divided by the quantity sold.
• D)the change in economic profit that results from a one-unit increase in the quantity sold.
• E)total revenue minus total cost.

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Definitions:

Self-Governing

Having the authority or autonomy to govern oneself or manage one's own affairs without external control.

Professional Bodies

Organizations representing the interests of professionals in a specific industry, responsible for setting standards, providing training, and enforcing ethics.

Role

Describes the function or part played by a person or thing in a particular situation or system, such as in an organization or process.

Donoghue v. Stevenson

A foundational case in Scots and English tort law which established the principle that manufacturers owe a duty of care to the ultimate consumers of their products.