Use the above figure. Total revenue at the profit-maximizing output is
A. $5,600.
B. $8,000.
C. $4,800.
D. $9,600.
Answer: D
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Marginal resource cost is defined as the
a. additional cost of producing an additional unit of output b. change in resource employment required to increase the units of output produced c. ratio of marginal revenue product to the market price of the output sold d. additional cost of employing one additional unit of a resource e. ratio of the change in total resource usage to the change in total resource cost
A new U.S. tariff on imported steel would be likely to: a. raise the cost of production to steel-using American firms. b. generate tax revenue to the government
c. increase U.S. production of steel. d. all of the above
If income increases and prices are unchanged, the consumer's budget constraint
a. remains the same. b. shifts outward. c. shifts inward. d. rotates outward along the horizontal axis.