Another term for the total quantity of output is
A) average product.
B) marginal product.
C) total product.
D) average variable product.
Answer: C
Economics
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When demand is elastic, a fall in price causes total revenue to rise because
A) when price falls, quantity sold increases so total revenue automatically rises. B) the increase in quantity sold is large enough to offset the lower price. C) the percentage increase in quantity demanded is less than the percentage fall in price. D) the demand curve shifts.
Economics
When all players in a game choose the best strategy they can, given the choices of all other players, it is always a:
A. Nash equilibrium. B. positive-positive outcome. C. cooperative equilibrium. D. negative-negative equilibrium.
Economics