Total revenue equals
A) price per unit times quantity sold. B) change in price per unit times quantity sold.
C) price per unit times quantity supplied. D) price per unit times change in quantity sold.
A
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When prices of products are set below equilibrium,
A. society’s resources are inefficiently allocated. B. firms expand output to increase profits. C. firms earn excessively high profits. D. consumers benefit from surpluses of cheap goods.
Which of the following concerning the relationship between elasticity and total revenue is true? a. Price elasticity and total revenue are not related. b. When demand for a good is unit elastic, any price change within the unit elastic price range changes total revenue by one
c. When demand for a good is price inelastic, total revenue increases when price increases. d. When demand for a good is price elastic, total revenue increases when price increases. e. Total revenue is maximized when the price elasticity of demand is zero.
Within the production possibilities frontier (PPF) framework, choice is depicted by the
What will be an ideal response?
A job candidate refusing to take a drug test for a potential employer is an example of:
A. principles-based behavior. B. screening. C. building a reputation. D. signaling.