Suppose that the equilibrium price of a good is $7.50 and the equilibrium quantity is 20 units.Thus,
A) total revenue is $150 and total expenditure is less than $150.
B) total revenue and total expenditure are equal at $150.
C) total expenditure is $150 and total revenue is less than $150.
D) total revenue is $150 but total expenditure cannot be calculated.
E) total expenditure is $150 but total revenue cannot be calculated.
Correct Answer:
Verified
Q84: Consider the demand curve P = 100
Q85: Q86: Total revenue is Q87: Which one of the following goods or Q88: If the absolute value of the percentage Q90: Q91: A university observes that when it raises Q92: If P is the price of a Q93: If the percentage change in quantity demanded Q94: Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents![]()
A) what the firm seeks![]()
![]()