Total revenue is:
A. price multiplied by quantity of each item sold.
B. price multiplied by quantity subtracted from total cost.
C. cost multiplied by quantity of each item produced.
D. None of these is true.
Answer: A
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A short run total cost schedule is a _________ cost schedule shifted upward by the amount of ________ cost.
A) total fixed; marginal B) marginal; total variable C) total variable; total fixed D) total variable; marginal
For this question, assume that one-year and two-year bonds have the same risk; therefore, you can ignore risk here. Assuming that there is arbitrage between one-year bonds and two-year bonds, we know that the expected rate of return on two-year bonds
A) will equal the expected rate of return from holding a one-year bond for one year. B) will equal the expected rate of return from holding a one-year bond for two years. C) will be larger than the expected rate of return from holding a one-year bond for one year. D) will be smaller than the expected rate of return from holding a one-year bond for one year. E) will be exactly half the rate of return on one-year bonds.
If the interest rate increases, the
A. quantity of money demanded will remain unchanged. B. quantity of money demanded will fall. C. money demand curve will shift to the left. D. money demand curve will shift to the right.
Which of the following statements is INCORRECT regarding the properties of information products?
A. In the long run, the producer earns sufficient revenue to cover the opportunity cost of capital. B. The average total cost curve for a firm that sells an information product slopes upward. C. The firm experiences economies of operation in the short run. D. Providing an information product entails incurring relatively high fixed costs.