If the price of a product is reduced, total revenue will always fall.
Correct Answer:
Verified
Q4: Abnormal profit occurs when:
A) Firms do unexpectedly
Q5: If marginal revenue is positive:
A) Total costs
Q6: The shutdown point in the short run
Q7: The break-even output occurs where:
A) Price equals
Q8: If revenue equals costs, abnormal profit is
Q10: If revenue is greater than variable cost,
Q11: Normal profit occurs when price equals:
A) Average
Q12: If revenue is greater than variable costs
Q13: Profit equals:
A) Price plus costs.
B) Revenue plus
Q14: A firm profit-maximizes where marginal revenue equals
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