If unemployment is below the natural rate, GDP is below potential output

Define marginal cost and calculate Brazil's marginal cost of producing a ton of food when the quantity produced is 2.5 tons per day

What will be an ideal response?

When demand is elastic, a fall in price causes total revenue to rise because

A) the percentage increase in quantity demanded is less than the percentage fall in price. B) the demand curve shifts. C) when price falls, quantity sold increases so total revenue automatically rises. D) the increase in quantity sold is large enough to offset the lower price.