The total revenue received by sellers of a good is the same amount as the:
A. Total income earned by the buyers
B. Total amount spent on the good by the buyers
C. Price paid by the buyers for each unit of the good
D. Profits earned by the sellers of the good
B. Total amount spent on the good by the buyers
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In a perfectly competitive market, the price in the long run:
A) will always be more than the minimum average total cost of the industry. B) will always be less than the minimum average total cost of the industry. C) will always equal the minimum average total cost of the industry. D) will always equal the average fixed cost of the industry.
The total social cost of production is equal to
A) external cost minus internal cost. B) internal cost minus external cost. C) external cost plus internal cost. D) internal cost plus opportunity cost.