Price and total revenue move in opposite directions when demand is elastic
Indicate whether the statement is true or false
True
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The knowledge and skills acquired by a worker through education and experience is a description of which factor of production?
A) physical capital B) entrepreneurship C) labor D) human capital
If consumers paid an amount for any good that reflected the value of the total benefits they receive from consuming it, then
a. consumer surplus would be at a maximum b. consumer surplus would be equal to zero c. total revenue would equal variable cost d. consumer surplus would equal producer surplus e. producer surplus would exceed consumer surplus
Bonds are debt securities maturing within 10 years
a. True b. False Indicate whether the statement is true or false
A firm in a perfectly competitive market maximizes profits when it finds
A. the quantity at which total revenue minus total cost is the greatest. B. the quantity at which total revenue equals total cost. C. the quantity at which total revenue is maximized. D. the price at which total revenue minus total cost is the greatest.