Total revenue
a. can be calculated directly from the demand curve.
b. can be calculated directly from the average revenue curve.
c. is found by multiplying price times quantity.
d. All of the above are correct.
d
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If only a small volume of trading can be absorbed without producing wide price swings, a market is
A) liquid. B) thin. C) broad. D) resilient.
When a country is a net borrower from abroad, they will have a(n) _____________ account deficit.
a. current b. trade c. cash d. overall
Linda's Autoplex performs oil changes on automobiles, light trucks, and sport utility vehicles. She is a profit-maximizing business owner whose firm operates in a competitive market. The marginal cost of an oil change is $10 . The marginal productivity of the last worker that Linda hired was 1.5 oil changes per hour. What is the maximum hourly wage that Linda was willing to pay the last worker
hired? a. $10 b. $15 c. $20 d. $30
Long-run equilibrium will occur at the price level at which
A. the long-run aggregate demand and short-run aggregate supply curves intersect. B. the aggregate demand and long-run aggregate supply curves intersect. C. the aggregate demand and short-run aggregate supply curves intersect. D. the short-run aggregate supply and long-run aggregate supply curves intersect.