According to the table shown, what is the firm's total revenue when 4 units are produced?

The price elasticity of demand for a good tends

A) not to vary over time because people adjust to changed circumstances. B) to be greater over the long run than over a short period of time. C) to be less over the long run than over a short period of time. D) to rise when the demand increases. E) toward unity in the long run.

The price of a specific good in comparison to the prices of other goods and services is called:

A. the price level. B. a real price. C. a relative price. D. inflation.