Which of the following statements is true about revenue?
A) Revenue is calculated by dividing the price per unit by the number of units sold.
B) The terms "revenue" and "profit" can be used interchangeably.
C) A firm's revenue will increase as its costs increase.
D) Revenue is the total amount received for selling a good or service.
D
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Discuss the role of individuals and governments in committing environmental damage.
What will be an ideal response?
The horizontal dotted line is
A. a price ceiling.
B. a price floor.
C. either a price ceiling or a price floor.
D. neither a price ceiling nor a price floor.
Which of the following best explains the effect of specialization on production as shown in Exhibit 5?
a. Specialization provides more goods overall to be divided between Techland and Grainsville.
b. By specializing in computers, the people of Techland no longer have grain to consume.
c. Grainsville is an agrarian society and as such does not have a need for computers.
d. Computers are more expensive than grain, so the people of Techland benefit most.
When airlines were deregulated, airfares declined by 30 percent. Deregulation is an example of political forces:
A. letting the market move toward equilibrium, reducing excess supply. B. making the market move away from equilibrium, creating excess supply. C. letting the market move toward equilibrium, reducing excess demand. D. making the market move away from equilibrium, creating excess demand.