7. If marginal revenue is equal to zero, thena. total revenue is zero.b. average revenue is zero.c. total revenue is at a maximum or a minimum.d. average revenue is at a maximum or aminimum.

# Marginal revenue is the additional revenue generated with the production of another unit of good…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Match the descriptions below with the appropriate definition: A. Neither B. Total Revenue C. Total Cost D. Profit ? v 1. Market value of all goods and services sold 2. Cost of materials, labor, capital and other inputs of production 3. Market price minus Total cost 4. Total Revenue minus Total Cost ? ? v n. ?
32. The marginal cost curve is labeled: a L b. I. C. II d IV
10. How is marginal product affected if workers are added who are equally good at the job?a. The increase in workers will eventually cause marginal output to fall.b. The value of marginal output increases more with each additional good worker.c. With equivalent workers, marginal productivity will neither rise nor fall.d. Marginal quality will improve as the added workers gain experience.
Explain. Incorrect as well In an imperfect market, individual firms: a. are always able to set the price of their product. b. are able to influence the price of their product. c. have no influence over the price of their product. d. take the market price as given.
Long-run costs of production are generally lower than the short run costs because: a. all inputs are fixed in the long run. b. firms cannot change their scale of production in the long run. c. there is greater flexibility in input usage in the long run.
If an economy the marginal profit is $80 billion and the marginal cost is $35 billion find the marginal revenue!

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If marginal revenue is equal to zero, then a. total revenue is zero. b. average revenue is zero. c. total revenue is at a maximum or a minimum. d. average revenue is at a maximum or a minimum.