Total profit is maximized at the output level at which the:
A. area between the total revenue and total cost curves is greatest.
B. vertical distance between the total revenue and total cost curves is minimized.
C. total cost and total revenue curves intersect.
D. vertical distance between the total revenue curve and the total cost curve is maximized.
Answer: D
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The table above gives the utility Andy receives from different quantities of vanilla ice cream cones. Complete the table
What will be an ideal response?
Great Britain opted out of the ERM in 1992 because its government concluded that:
A) it wanted to increase its trade with North America rather than Europe. B) the gains from being a member of the ERM outweighed the costs from higher German interest rates. C) the costs associated with higher German interest rates outweighed the gains from being a member of the ERM. D) it was unable to agree with the French on an exchange rate between the pound and the French franc.
If P were 6, V were 10, and Q were 2,000, how much is M?
What will be an ideal response?
____________________ (Microeconomics/Macroeconomics) is the discipline of economics concered with individual units such as households, firms, and government.
Fill in the blank(s) with the appropriate word(s).