8.The marginal revenue is the change in total revenue from an additional unit sold

Select one:

a.False

b. True

9.If the price of a good is above the equilibrium price...

Select one:

a. there is a shortage and the price will fall.

b. there is a surplus and the price will fall.

c. there is a surplus and the price will rise.

d. the quantity demanded is equal to the quantity supplied and the price remains unchanged.

e. there is a shortage and the price will rise.

10. Which of the following shifts the demand for watches to the right?

Select one:

a. a decrease in the price of watch batteries if watch batteries and watches are complements

b. a change in the cost of producing watches

c. an increase in the price of watches

d. a decrease in the price of watches

e. a decrease in consumer incomes if watches are a normal good