If revenue is less than ________, profit is ________.
A. total fixed cost; positive
B. total cost; negative
C. total cost; positive
D. total variable cost; zero
Answer: B
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From 2000 to 2001, the U.S. economy's annual growth rate slowed down abruptly.
Answer the following statement true (T) or false (F)
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A chocolate manufacturer raises the price of its chocolate by 12%, and the quantity demanded of its chocolate falls by only 5%. This firm has
A. not been able to prevent its competitors from competing with it on price. B. some market power. C. some output power. D. no monopoly power in the output market.