# If a business can sell 10 units at a price of 30 but

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If a business can sell 10 units at a price of \$30 but has to reduce price to \$29 in order to sell 11 units, which of the following can we conclude? A Marginal revenue is negativeB Marginal revenue is decreasing, but it is still higher than priceC Demand is elastic and marginal revenue is positiveD Total revenue increases, so demand must be inelastic
QUESTION:7[QUESTION BANK ID:110594]TYPE:MULTIPLE CHOICEINCORRECTHow much of a good will consumers who wish to maximize their net benefit (value less cost) purchase?
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D The amount where marginal value starts to fallQUESTION:8[QUESTION BANK ID:60662]TYPE:MULTIPLE CHOICECORRECTIf Sam’s, a local watering hole, increased the price of a pint of Guinness by 20%, it estimates the number of MBA students purchasing Guinness would decrease by 4%. Based on this data
QUESTION:9[QUESTION BANK ID:41576]TYPE:MULTIPLE CHOICECORRECTWhat is the definition of market equilibrium?
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QUESTION:10[QUESTION BANK ID:58568]TYPE:MULTIPLE CHOICECORRECTWhen you double all of the inputs to your production process, your total output is less than doubled. Your production appears to exhibit which of the following? A Decreasing returns to scaleB Constant returns to scaleC Increasing returns to scaleD None of the above
QUESTION:11[QUESTION BANK ID:57654]TYPE:MULTIPLE CHOICECORRECTIf the market for a certain product experiences an increase in supply, which of the following results is expected to occur?
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QUESTION:12[QUESTION BANK ID:106275]TYPE:MULTIPLE CHOICECORRECTIf the price of CD players decreases, what can we expect to happen in the market for compact discs? A The equilibrium price of compact discs will fallB The equilibrium price of compact discs will riseC The equilibrium price of compact discs will stay the sameD None of the aboveQUESTION:13[QUESTION BANK ID:38962]TYPE:MULTIPLE CHOICECORRECT