The total revenue from selling trucks is equal to
a. the price of a truck times the quantity sold
b. the change in quantity sold divided by the change in price
c. average cost times quantity produced
d. the price of a truck times the quantity produced
e. the price of a truck times the price elasticity of demand
A
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When consumers or businessmen stop collecting information to make decisions at the point where marginal cost of data collection equals the marginal utility of the data, economists would call the decisions based on existing data
a. perfect decisions. b. optimally imperfect decisions. c. joint decisions. d. rent seeking.
Which of the following statements is true?
A) Consumer surplus measures the total benefit from participating in a market. B) When a market is in equilibrium consumer surplus equals producer surplus. C) Consumer surplus measures the net benefit from participating in a market. D) Producer surplus measures the total benefit received by producers from participating in a market.