Marginal revenue is the ________ when output is __________?
A. Change in average revenue, increased
B. Change in total revenue, increase by one unit
C. change in average revenue, increased by one unit
D. change in total revenue increased
A firm that makes profit in addition to normal profit is making ?
A. Economic profit
B. Accounting profit
C. Normal profit
D. supernormal profit
An upward shift in marginal cost _____ output and an upward shift in marginal revenue ______ output?
A. reduces; reduces
B. reduces; increases
C. increases; increases
D. increases; reduces
Firms are assumed to ________ costs and to ________ profits?
A. incur, desire
B. pay, make
C. charge earns
D. minimize, maximize
The extra utility from consuming one more unit of a good is called ?
A. Marginal utility
B. Additional utility
C. Surplus utility
D. Bonus utility
The opportunity cost of a student is____________?
A. Course fees and rent
B. A loan from the bank
C. What the student could have earned in the best job available by not studying
D. What the student will earn after graduation