The total revenue of Grandma's Fudge Factory is equal to the:
A. average cost times quantity sold.
B. elasticity of demand divided by percentage change in quantity.
C. price of fudge times quantity sold.
D. income minus explicit and implicit costs.
Answer: C
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When government intervenes in the production process because external benefits exist, it typically attempts
A) to impose a tax on each unit produced. B) to shift the industry's demand curve to the left. C) to shift the industry's demand curve to the right. D) to shift the industry's supply curve to the left.
Which of the following functions of money is also a common function of most other financial assets?
a. a unit of account b. a store of value c. medium of exchange d. None of the above is correct.
Which of the following formulas defines average cost?
a. AC = TC/Q b. AC = MRP = MFC c. AC = MPP/Q d. AC = TC ? Q
Stricter loan standards in the mortgage lending sector could cause
A. a demand shift to the right in the housing market. B. a supply shift to the right in the housing market. C. a supply shift to the left in the housing market. D. a demand shift to the left in the housing market.