Multiple Choice
-Refer to the table above.When the firm lowers price from $8 to $7,marginal revenue is less than $7 because
A) marginal cost is greater than $3.
B) the consumer only pays $4 for the fourth unit.
C) the firm is charging $1 less for each of the first three units of output.
D) demand is perfectly elastic.
E) the firm only collects $4 for the fourth unit.
Correct Answer:
Verified
Correct Answer:
Verified
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