Profit is the difference between revenue and
A. cost.
B. average product.
C. marginal product.
D. long-term costs.
Answer: A
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If the golfers at Green Golf all have identical demands and Green Golf practices two-part pricing, the profit-maximizing access fee is ________ the consumer surplus.
A) greater than B) equal to C) less than D) exactly double
For a given market demand curve, if the market clearing price decreases, then the amount of consumer surplus will
A) decrease. B) increase. C) become negative. D) none of the above due to insufficient information.
An economic system in which resources are privately owned and allocated by the market is called
a. market capitalism b. market socialism c. centrally-planned capitalism d. centrally-planned socialism e. a tradition-based economy
consumption function
What will be an ideal response?