The price elasticity of demand measures ?
A. The responsiveness of quantity demanded to a change in price
B. How far a demand curve shifts
C. a change in price
D. a change in quantity demanded
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
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
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