If 1,800 Grapes Are Required to Produce Three Bottles of Wine

question 102

Multiple Choice

If 1,800 grapes are required to produce three bottles of wine, how many grapes will it take to make 15 bottles of wine?

• A)7,000
• B)6,000
• C)8,000
• D)9,000

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Definitions:

Marginal Revenue

The additional income that an organization receives from selling one more unit of a good or service.

Output

The total amount of goods or services produced by a company, industry, or economy over a certain period.

Elastic Range

The segment of a demand curve where any change in price leads to a more than proportionate change in the quantity demanded.

Pure Monopolist

A sole producer in a market with no close substitutes for the product, allowing for the control of price.