If Either Farmers Runs an Ad or Nationwide Cuts Costs

question 171

Multiple Choice

If either Farmers runs an ad or Nationwide cuts costs, then if Safeco expands coverage then Geico pays a dividend.

• A) (F ∨ N) ⊃ (G ⊃ S)
• B) [F ⊃ (S ⊃ G)] ∨ [N ⊃ (S ⊃ G)]
• C) [(F ∨ N) ⊃ S] ⊃ G
• D) (F ∨ N) ⊃ (S ⊃ G)
• E) F ∨ [N ⊃ (S ⊃ G)]

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Definitions:

Marginal Cost

The change in total cost that arises when the quantity produced is incremented by one unit; essentially, it is the cost of producing one more unit of a good.

Output

The quantity of goods or services produced by a firm or economy.

Total Revenue Curve

A graphical representation that shows how total revenue changes as the quantity sold of a good or service changes, holding all other factors constant.

Marginal Revenue

The increase in revenue that results from the sale of one additional unit of output.