Exhibit 7-12 Marginal revenue and cost per unit curves
?
As shown in Exhibit 7-12, if the price is OD, the firm's total revenue at its most profitable level of output is:
A. OZID.
B. OYHD.
C. OXLD.
D. OYFB.
Answer: A
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A) more productive; helps an economy grow B) less productive; helps an economy grow C) more productive; hinders economic growth D) less productive; hinders economic growth
Demand is unit elastic whenever
a. price elasticity has an absolute value of 1 b. price elasticity has an absolute value greater than 1 c. price elasticity has an absolute value less than 1 d. price elasticity is negative e. consumers always respond to a one-dollar change in price by decreasing their quantity demanded by one unit
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Indicate whether the statement is true or false