Refer to the below graph. If the price is P3, then the total revenue is represented by area:
A. B + C + D
B. E + F + G
C. B + C + D + E + F + G
D. A + B + C + D + E + F + G
C. B + C + D + E + F + G
You might also like to view...
Price discrimination occurs when a firm
A) charges customers different prices for different goods. B) is able to sell different units of a good at different prices. C) charges customers the same price for different goods. D) can determine which of the many market equilibrium prices it will charge. E) has a marginal cost curve that is horizontal.
Classical economists believed that
A) real GDP per person would rise above its subsistence level in the long run. B) real GDP per person would never rise above its subsistence level in the long run. C) the demand for labor increases when the population increases. D) population growth decreases as real GDP per person rises.
The Euro, like the European Monetary Union which preceded it, is
A) opposed by most politicians. B) favored by most economists. C) likely to improve the use of monetary policy to deal with contractionary shocks which strike only one or two countries in Europe. D) all of the above. E) none of the above.
The minimum wage laws seek to
A) penalize employers that are not complying with labor laws. B) assure a minimum standard of payment for work. C) assure that all workers are paid the same wage rate. D) help teenagers find work.