Average revenue is
a. total revenue minus total cost
b. total revenue divided by quantity of output
c. total revenue divided by quantity of input
d. the change in total revenue divided by the change in output
e. the change in total revenue divided by the change in the quantity of an input used
B
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If the unemployment rate increases from 4 percent to 10 percent, then the economy is mostly likely in a(n):
A. expansion. B. boom. C. aggregation. D. recession.
Which market is most likely to be considered a competitive market?
A. Pharmaceuticals B. Diamonds C. Cable TV D. Phone Apps
Excess capacity exists when a firm produces
A) more than the profit-maximizing level of output. B) less than the quantity that minimizes average total cost. C) less than the quantity that minimizes marginal cost. D) more than the quantity that minimizes marginal cost. E) None of the above answers is correct.
The slope of a production possibilities curve is positive.
Answer the following statement true (T) or false (F)