A firm's total revenue
a. can be read off the demand curve it faces, but only if we know total cost of production
b. can be read off the demand curve it faces, but only if we know how must output the firm sells
c. is found by multiplying price per unit by the number of units produced and sold
d. is equal to profit when inputs are fixed in the short run
e. will be positive at any level of output
C
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Why are the governments of developed countries concerned about the quality of education in their countries?
What effect does education play in determining the country's economic growth rate and its standard of living? Why does it have this effect?
The situation in which a person places greater value on a good as more and more people possess it is called the
A) Bandwagon Effect. B) Greater Value Effect. C) Snob Effect. D) Behavioral Effect.
Which of the following does NOT describe an advantage of experiments?
A. With experiments, it is easier to determine whether people's choices are consistent with standard economic theory. B. With experiments, it is often easier to establish causality. C. With experiments, researchers can double check their assumptions and conclusions by testing and debriefing subjects. D. It is generally cheaper to conduct experiments than it is to compute mathematical models.
A decrease in savings deposits would ____ M1 and ____ M2. a. increase; increase
b. not change; increase. c. decrease; decrease. d. not change; decrease.