"Total revenue minus total cost" is
A) an incorrect definition of profit.
B) the correct definition of profit.
C) the economist's definition of profit.
D) the government's definition of profit.
E) the most common definition of profit.
E
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Total income is always equal to ________ expenditures; but only in equilibrium is it equal to ________ expenditures, producing in equilibrium ________ on income to change
A) actual, planned, pressure B) actual, planned, no pressure C) planned, actual, pressure D) planned, actual, no pressure
To an economist, quitting
A. makes sense if at the quantity where MC=MR, the firm loses money. B. Makes sense if at the quantity where MC=MR, the price is less than AVC. C. makes sense if at the quantity where MC=MR, the price is less than ATC. D. never makes sense.
How do central banks, like the U.S. Federal Reserve, contribute to the welfare of a society?
What will be an ideal response?
Label the break-even point.
