Total revenue earned from the sale of a good is:
A) the price at which the good is sold.
B) the difference between price and cost of production of the good.
C) the product of price and quantity of the good sold in the market.
D) the product of cost of production and quantity of the good sold in the market.
C
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Entrepreneurs do all of the following EXCEPT
A) organize labor, land, and capital. B) come up with new ideas about what and how to produce. C) bear risk from business decisions. D) own all the other resources used in the production process.
The law of diminishing marginal utility explains why
a. most individual demand curves are straight lines. b. the consumer's optimal purchase is at the tangency of an indifference curve and the budget line. c. most individual demand curves slope downward. d. marginal utility falls when total utility falls.
Jennifer moved her law offices from an office she was renting downtown to the carriage house she has at the back of her property. How will her costs change?
a. explicit and implicit costs rise b. explicit costs rise and implicit costs fall c. explicit and implicit costs rise d. explicit costs fall and implicit costs rise
The demand for labor and other factors of production typically decline in a recession because those factors
A. Are derived from the demand for final output, which also declines in a recession. B. Are no longer offered for sale in factor markets. C. Have become more expensive than before the recession. D. Have become relatively scarcer than before the recession.