The total amount received from the sale of output is
A) average revenue.
B) marginal revenue.
C) total revenue.
D) price revenue.
Answer: C
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What will happen to the exchange rate between the euro and the U.S. dollar if U.S. interest rates increase?
What will be an ideal response?
If labor were completely mobile between Muncie, Indiana, and Lexington, Kentucky, and the cost of living was the same in each city, we would expect to find that
a. accountants in Muncie earn the same wage rate as garbage collectors in Lexington b. garbage collectors in Lexington earn more than accountants in Muncie c. garbage collectors in Muncie earn the same wage rate as accountants in Lexington d. all accountants in Lexington would earn the same wage rate e. accountants in Muncie earn the same wage rate as accountants in Lexington
________________ —a term describing a tool that economists use to determine the effect of an economic event on equilibrium price and quantity.
a. Equilibrium price b. The four-step process c. Demand schedule d. Supply schedule
If the price is above the equilibrium price then there is a _______________.
Fill in the blank(s) with the appropriate word(s).