Average revenue is conceptually equivalent to the:
A. Unit price of the product
B. Average cost of the product
C. Marginal cost of the product
D. Marginal revenue of the product
A. Unit price of the product
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If a comparative advantage implies that a country can produce a product at a lower opportunity cost than another country then why do we see two countries often trading the same goods? For instance, for most agricultural products the U.S
has a comparative advantage. Japan, one of America's largest trading partners has a comparative advantage in the production of most economy cars. Explain what is going on here when we still see the U.S. exporting cars to Japan and the U.S. importing some foods from Japan.
A direct relationship exists when:
a. there is no association between two variables. b. one variable increases and there is no change in the other variable. c. one variable increases and the other variable increases. d. one variable increases and the other variable decreases.
Which of the following pairs best represents substitute goods?
a. hamburgers and hamburger rolls b. hot dogs and hot dog rolls c. veggie burgers and hamburger rolls d. hot dogs and hamburger rolls e. hamburgers and hot dogs
What is the impact on the foreign exchange rate?
a. The euro exchange rate changes from $1.50 per euro to $1.00 per euro.
b. The dollar appreciates in value from $1.00 to $1.50.
c. The euro depreciates in value from $1.50 per euro to $1.00 per euro.
d. The dollar price of euros increases from $1.00 to $1.50.