If total revenue rises by 20% when the price increases by 5%, this means:. Single choice. (1 Point) demand is price inelastic demand is price elastic demand is unit elastic demand is perfectly inelastic 1717, Implicit costs are:. Single choice.
If total revenue rises by 20% when the
(1 Point)
demand is price elastic
demand is unit elastic
demand is perfectly inelastic
1717,
Implicit costs are:. Single choice.
(1 Point)
equal to total fixed costs.
comprised entirely of variable costs.
"payments" for self-employed resources.
always greater in the short run than in the long run.
1818,
With fixed costs of $400, a firm has average total costs of $3 and average variable costs of $2.50. Its output is:. Single choice.
(1 Point)
200 units.
400 units.
800 units.
1,600 units.
1919,
When firms advertise their product, they are trying to:. Single choice.
(1 Point)
Shift the demand curve to the right
Make the demand curve steeper
Make demand for the product more inelastic
All of the above
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