Total revenue is
A. change in price × quantity.
B. change in price × change in quantity.
C. price × quantity.
D. price × change in quantity.
Answer: C
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Countries that have lower levels of real GDP per person than the United States
a. tend to have growth rates that are higher than that of the United States. b. tend to have growth rates that are about the same as that of the United States. c. tend to have growth rates that are lower than that of the United States. d. in some cases have growth rates that are higher than that of the United States and in other cases lower than that of the United States.
Suppose every good costs $8 per unit and Molly holds $120 . What is the real value of the money she holds?
a. $120 . If the price of goods rises, to maintain the real value of her money holdings she needs to hold more dollars. b. $120 . If the price of goods rises, to maintain the real value of her money holdings she needs to hold fewer dollars. c. 15 units of goods. If the price of goods rises, to maintain the real value of her money holdings she needs to hold more dollars. d. 15 units of goods. If the price of goods rises, to maintain the real value of her money holdings she needs to hold fewer dollars.
If income rises, most consumers will increase the quantity demanded of an inferior good.
Answer the following statement true (T) or false (F)
What does inflation do to the value of the oversimplified multiplier?
A. Inflation increases the value of the multiplier above the value of the oversimplified formula. B. Inflation does not change the value of the multiplier. C. Inflation decreases the value of the multiplier below the value of the oversimplified formula. D. Inflation increases the value of the multiplier unless the level of unemployment also rises.