The total revenue of Grandma's Fudge Factory is equal to the:
A. average cost times quantity sold.
B. elasticity of demand divided by percentage change in quantity.
C. price of fudge times quantity sold.
D. income minus explicit and implicit costs.
Answer: C
Economics
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Given the following information about Metropolis Bank:
Bank Deposits $50,000 Loans 17,500 Required Reserves 30,000 Excess Reserves 2,500 The required reserve ratio must be A) 75 percent. B) 60 percent. C) 30 percent. D) 15 percent.
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The process by which identical products that are tradeable converge to the same price is called
A) arbitrage. B) hedging. C) speculation. D) risk aversion.
Economics