FIGURE EX 8-1 in Figure EX 8-1 Above, Under

question 6

Multiple Choice

FIGURE EX 8-1 In Figure EX 8-1 above, under Education Pays, the red and blue boxes labeled Men and Women is the ____.

• A) legend
• B) vertical axis title
• C) horizontal axis title
• D) chart title

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Definitions:

Marginal Revenue

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

Output Unit

The quantity produced or service provided over a given period of time, often used to measure productivity.

Pure Monopolist

An exclusive provider of a particular good or service in the market, facing no competition.

MR = MC Rule

The principle that a firm will maximize its profit (or minimize its losses) by producing the output at which marginal revenue and marginal cost are equal, provided product price is equal to or greater than average variable cost.