In the Metric System, the Prefix Milli- Denotes

question 61

Multiple Choice

In the metric system, the prefix milli- denotes

• A) one millionth of a unit
• B) one thousandth of a unit
• C) one hundredth of a unit
• D) one thousand units

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Definitions:

Non-discriminating Monopolist

A monopolist who charges a single price for all units of output sold, unlike price-discriminating monopolists who charge different prices.

Marginal Revenue

It refers to the additional income earned from selling one more unit of a good or service.

Demand Schedule

A table that lists the quantity of a good or service that consumers are willing to buy at various prices.

Total Revenue Schedule

A table or graph that shows the total revenue a firm can expect to receive at various levels of output, assuming a constant price.