Total revenue is
A. Equal to total profit.
B. Price times income.
C. Quantity sold times price.
D. Equal to costs of production.
Answer: C
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The opportunity cost of a college education does not include any income that is foregone while enrolled in school, since this is not measured using monetary costs.
Answer the following statement true (T) or false (F)
If the market mechanism is efficient, the marginal cost accurately measures the opportunity cost of a good or service
a. True b. False Indicate whether the statement is true or false
The entry of new firms into a monopolistically competitive market will make the demand curve faced by each monopolistic competitor less price elastic
a. True b. False Indicate whether the statement is true or false
It is claimed that a secondary advantage of mutual funds is that
a. an investor can avoid investment charges and fees. b. they give ordinary people access to loanable funds for investing. c. they usually outperform stock market indexes. d. they give ordinary people access to the skills of professional money managers.