Total revenue is equal to
A. Cost of production.
B. The income from sales.
C. Total revenue minus total cost.
D. Profit.
Answer: B
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All of the following were provisions of the 2009 American Reinvestment and Recovery Act except
A) a temporary extension of unemployment benefits. B) expanded tax credits for parents for their children's college tuition. C) a reduction in government-funded infrastructure spending. D) a reduction in employees' payroll tax contributions.
A new U.S. tariff on imported steel would be likely to: a. raise the cost of production to steel-using American firms. b. generate tax revenue to the government
c. increase U.S. production of steel. d. all of the above
A decrease in demand will have what effect on equilibrium price and quantity?
a. Price will increase; quantity will decrease. b. Price will decrease; quantity will increase. c. Both price and quantity will increase. d. Both price and quantity will decrease.
If it costs Con Ed approximately $20 per additional ton of air pollution abated, but it costs PG&E only $10 per additional ton of air pollution abated and a marketable pollution permit trades for $14 per ton,
A. both PG&E and Con Ed could gain by buying. B. PG&E could gain by buying and Con Ed could gain by selling. C. both PG&E and Con Ed could gain by selling. D. society would gain if PG&E would sell and Con Ed would buy.