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:

Average Total Cost

The per unit cost of production, calculated by dividing the sum of all production costs by the quantity of output produced.

Workers

Individuals engaged in physical or mental activity in order to achieve a result, often employed for wages.

Units

The standard measurement or quantity in which a product, service, or statistic is counted or expressed.

Marginal Cost

The cost of producing one additional unit of a good or service.