Technically speaking, average revenue is
a. price × marginal revenue
b. total revenue/quantity
c. total revenue/total cost
d. marginal revenue/marginal cost
e. price × marginal cost
B
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When very few substitutes for a good exist, demand will be
A) elastic. B) unit-elastic. C) inelastic. D) perfectly elastic.
Some people inherit money and wealth that they did nothing to earn. Why don't we tax inheritance at 100 percent?
Describe the shape of the LRATC curve and what causes it to change.
What will be an ideal response?
Angelina, age seven, decides to dress up like Princess Fiona for Halloween. What is the opportunity cost of her decision?
A. the cost of the costume B. the fact that she can't dress up like Dora the Explorer, her second choice C. zero, because seven-year-olds don't have opportunity costs D. the cost of the Lady Gaga costume which she did not want