You hire a set of economic consultants and they tell you the following: At a price of $7, 24 units of the good could be sold; at a price of $6, 29 units of output could be sold. You know then that the firm's total revenue at a price of $7 would equal

"Employment fell last month to its lowest level in the last six years" is an example of: a. the fallacy of composition. b. positive economics

c. normative economics. d. none of the above

Tesla builds a new vehicle, and completes it in December 2015 . It sells the vehicle in January 2016 . The value of this vehicle affects U.S. GDP a. for 2015 only, since it was completed in December of 2015. b. for both 2015 and 2016

c. for 2016 only, when it is sold to the buyer. d. for neither year if it is sold to a citizen of Canada.