Total revenue is:
A. cost multiplied by quantity of each item produced.
B. price multiplied by quantity subtracted from total cost.
C. price multiplied by quantity of each item sold.
D. None of these is true.
C. price multiplied by quantity of each item sold.
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When external benefits are present,
A) competitive markets are efficient. B) competitive markets are inefficient. C) a tax is required to eliminate the inefficiency. D) property rights have already been established.
About six months ago, Pat lost the job as vice president of a local bank. Since losing the job, Pat still has the Sunday newspaper delivered every week. For Pat, the Sunday newspaper is
A) income inelastic. B) price inelastic. C) an inferior good. D) a normal good because Pat still buys the paper even with a big loss of income.
Derived demand is
A) a derivative of the demand curve. B) the demand for goods and services produced by companies using scarce resources. C) the demand for advertising to increase the sales of the product. D) the demand for the factors of production that are used to produce goods and services.
Refer to the table below. The consumption of which bar yields the greatest marginal utility?
The table below shows the utility schedule for a consumer of candy bars.
A. Third
B. Fourth
C. Sixth
D. Second