Profit is the difference between
A) marginal revenue and marginal cost.
B) total revenue and variable cost.
C) total revenue and total explicit cost.
D) total revenue and total cost.
Answer: D
You might also like to view...
All else equal, if Canada raises its interest rates,
A) the dollar depreciates. B) the U.S. demand for Canadian dollars increases. C) the Canadian supply of Canadian dollars increases. D) Both A and B. E) Both A and C.
Given upward-sloping supply curve, all other things remaining constant, a decrease in demand will lead to a(n) _____
A) increase in supply. B) decrease in supply. C) increase in quantity supplied. D) increase in the equilibrium price. E) decrease in the equilibrium price.
The figure at right shows the demand and marginal cost curves for a monopoly. The deadweight loss of this monopoly equals
A. C
B. c+f.
C. h
D. c+d+e+f.
Patent laws that allow the inventor to maintain monopoly rights to an invention increase the price of the product and
a. increase the profitability of inventive activities, thereby speeding up technological developments. b. increase the profitability of inventive activities, thereby slowing down technological developments. c. decrease the profitability of inventive activities, thereby speeding up technological developments. d. decrease the profitability of inventive activities, thereby slowing down technological developments.