The revenue received from the sale of an additional unit of a product
A) is called a net gain. B) is a marginal benefit to the firm.
C) is called profit. D) is called gross sales.
B
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If the price of a good is above its equilibrium level, then
a. quantity demanded exceeds the quantity supplied b. there will be an excess demand c. quantity supplied exceeds quantity demanded d. the price will have to increase to establish equilibrium e. demand will shift to the left
Macroeconomics is the area of economics that deals with behavior and decision making in small units
a. true b. false
The total amount received from the sale of output is
A) average revenue. B) marginal revenue. C) total revenue. D) price revenue.
Under a 100-percent-reserve banking system, banks do not influence the supply of money
a. True b. False Indicate whether the statement is true or false