________ is the revenue per unit of the commodity sold. It is calculated by dividing the total revenue by the number of units sold.
Average Revenue
Marginal Revenue
Total Revenue
None of These
If marginal product is below average product:
The total product fall
The average product will fall
Total revenue will fall
Marginal revenue will fall
Economic profit is the difference between total revenue and
Average cost
Marginal cost
Economic costs
Total cost
__________ refers to the total amount of money that a firm receives from the sale of its products.
Total revenue
Marginal revenue
Average revenue
Total product
Average fixed cost is obtained by dividing
TC/Q
TFC/Q
TVC/Q
TFC+TVC
If marginal cost is positive and falling
Total cost is falling
Total cost is increasing at a falling rate
Total cost is falling at a falling rate
Total cost is increasing at an increasing rate
Total cost is the sum of
Total fixed cost and total variable cost
Total fixed cost and average cost
Marginal cost and average cost
All the above
The average variable cost curve
Is derived from the average fixed cost
Converges with the average cost as output increases
Equals the total costs divided by the output
Equals revenue minus profits
Real cost is
Pain and sacrifice
Subjective concept
Effort and foregoing leisure
Money cost is also called
Nominal cost
Real cost
