How is total revenue calculated? If a firm sells 350 units of a product at a price of $8 each, what is the firm's total revenue?
What will be an ideal response?
Total revenue is calculated by taking the quantity of a product sold and multiplying by its price. Thus, the firm's total revenue is 350 ? $8 = $2,800.
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Which statement best characterizes the classical economists' view of saving and investment?
A) Saving exceeds investment. B) Saving is less than investment. C) Saving equals investment. D) Saving and investment are not related to one another.
Explain whether the statement, "Hillary Clinton was elected President of the United States in 2008," is a normative or positive statement
What will be an ideal response?
The "lemons problem" exists in the market for goods because
A) sellers tend to try to take advantage of buyers. B) buyers tend to try to take advantage of sellers. C) differences in the quality of the goods being exchanged. D) of moral hazard.
If duopoly firms that are not colluding were able to successfully collude, then
a. price and quantity would rise. b. price and quantity would fall. c. price would rise and quantity would fall. d. price would fall and quantity would rise.