Total profit equals
a. TR ? TC.
b. average profit times total output.
c. total sales revenue minus total cost.
d. All of the above are correct.
d
You might also like to view...
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
Assume that Nation X can produce either 40 notepads or 80 pens, and that Nation Y can produce either 10 notepads or 40 pens. This implies that
A. Nation X has a comparative advantage in producing pens. B. Nation Y has a comparative advantage in producing notepads. C. Nation Y is the high-cost producer of pens. D. Nation X has a comparative advantage in producing notepads.
According to the circular flow model, all else constant, an increase in government spending should cause an increase in spending, income, and production in the economy
Indicate whether the statement is true or false
Long-run economic growth requires all of the following except
A) technological change. B) increases in capital per hour worked. C) government provision of secure property rights. D) political instability.