The price per unit times the total quantity sold is
A) average revenue.
B) marginal revenue.
C) total revenue.
D) price revenue.
C
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The cross-price elasticity of demand between two goods that are substitutes can never be:
A. greater than one. B. positive. C. negative. D. less than one.
Refer to Figure 12-5. What is the amount of the firm's fixed cost of production?
A) $5,400 B) $6,750 C) $8,100 D) It cannot be determined.
Incentive goods are
a. manufactured goods for consumption by farmers b. manufactured inputs for farm production c. agricultural goods that can be sold in the cities d. agricultural goods that are left for consumption in the rural areas e. none of the above
Which of the following statements is true?
A. "Extreme poverty" refers to an income of less than $2 per day. B. U.S. GDP per capita is five times larger than the world average. C. The poorest nations of the world have average incomes of $5,000. D. According to world standards, 12 percent of Americans are poor.