-In the Above Table, If the Quantity Sold by the Firm

question 250

Multiple Choice

-In the above table, if the quantity sold by the firm rises from 6 to 7, its marginal revenue is

• A) $15.
• B) $30.
• C) $90.
• D) $105.

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Definitions:

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, such as labor or capital.

Demand for Automobiles

Refers to consumers' desire and willingness to purchase vehicles, influenced by factors such as prices, incomes, and personal preferences.

Substitute Inputs

Inputs or resources that can be used in place of one another in the production process without significantly affecting the output.

Production of Electricity

The process of generating electrical power through various means such as fossil fuels, nuclear power, or renewable resources.