The Jeans Store Sells 7 Pairs of Jeans Per Day

question 11

Multiple Choice

The Jeans Store sells 7 pairs of jeans per day when it charges $100 per pair.It sells 8 pairs of jeans per day at a price of $90 per pair.The marginal revenue of the eighth pair of jeans is

• A)$20.
• B)$90.
• C)$100.
• D)$700.

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Definitions:

Resources

Assets, materials, and inputs used to produce goods and services, including natural resources, human resources, and capital.

Opportunity Cost

The cost of choosing one option over another, representing the value of the foregone alternative.

Marginal Cost

The financial outlay involved in producing an additional unit of a product or service.

Resources

The total means available for economic and political development, such as minerals, labor, and capital.