Refer to the below demand graph for a farm product. Which of the following will cause the largest increase in total revenue for farmers?
A. A decrease in the price from PA to PC
B. A decrease in the price from PB to PC
C. An increase in the price from PC to PA
D. An increase in the price from PC to PB
C. An increase in the price from PC to PA
Economics
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A good economic model
a. is as simple as possible, including only necessary details b. is as complex as possible, including many details c. represents reality as concretely as possible d. tries to be as detailed as the reality it is describing e. is very detailed regardless of its purpose
Economics
Real GDP differs from nominal GDP in that nominal GDP measures
a. output adjusted for inflation. b. real output of goods and services. c. output of goods and services at current prices. d. real income adjusted for changes in the price level.
Economics