Marginal revenue of nth unit of output is:

Marginal revenue of nth unit of output is:
 a. total revenue of (n+1)th unit minus total revenue of nth unit.
  b. total revenue of nth unit minus total revenue of (n-1)th unit.
  c. total revenue of (n+1)th unit minus total revenue of (n-1)th unit.
  d. the sum of total revenue of (n+1)th unit and nth unit.
  e. the sum of total revenue of (n+1)th unit and (n-1)th unit.

QUESTION 2

If the long-run industry supply curve in a perfectly competitive market is horizontal, then very likely input prices will ____ as industry output expands.
 a. increase
 b. decrease
 c. remain constant
 d. first increase and then decrease

QUESTION 3

Unemployment compensation programs tend to increase the unemployment rate because:
 a. they increase the opportunity cost of leisure.
 b. they provide benefits only to unemployed people under the age of 18.
 c. they legally fix the minimum wage that has to be paid to labor.
 d. they allow unemployed persons to become more selective in what job offer they accept.
  e. they do not provide benefits to labor engaged in the manufacturing sectors of the economy.

QUESTION 4

A change in the price of a commodity affects both the demand and the quantity demanded.
  Indicate whether the statement is true or false

QUESTION 5

The MR schedule can be obtained from the TR schedule by:
 a. adding two successive values in the TR schedule.
  b. subtracting the succeeding TR value from the preceding TR value.
  c. subtracting the preceding TR value from the succeeding TR value.
  d. multiplying two successive TR values.
  e. dividing the succeeding TR value by the preceding TR value.