Money coming into a business is called ________. Examples include tickets, broadcast contracts, concessions, and sponsorships.
a. profit
b. expenses
c. revenue
d. income
e. debt
c. revenue
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As the price of home heating oil rises, families buy less home heating oil. Hence a scatter diagram with the price of home heating oil on the vertical axis and the quantity purchased on the horizontal axis reveals a ________ relationshi
A) time-series B) linear C) negative D) positive E) cross-sectional
Ad valorem tariffs on imports are based on a percentage of an import's value; specific tariffs are based on a lump sum per physical unit imported
a. True b. False
Economic profit made by a firm is equal to: a. total revenue minus the sum of implicit and explicit costs for the firm. b. total revenue minus implicit cost for the firm
c. total revenue minus explicit cost for the firm. d. marginal revenue minus the explicit cost for the firm.
What is a long-run supply curve?
What will be an ideal response?