If a firm in a competitive market decreases the quantity of output sold, total revenue should
a. decrease.
b. increase.
c. should change proportionately to the change in total costs for the firm.
d. remain the same.
Answer: a. decrease.
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In the production possibilities model, the vertical axis measures ________ and the horizontal axis measures ________
A) people's wants; the quantity of a good or service B) the quantity of a good or service; time C) the price of a good or service; the price of another good or service D) the price of a good or service; the quantity of the good or service E) the quantity of a good or service; the quantity of another good or service
Government policies designed to change the distribution of income to one that is more equal involve taking from the rich and giving to the poor
a. True b. False Indicate whether the statement is true or false