The Price of the Good Multiplied by the Quantity Sold

question 65

Multiple Choice

The price of the good multiplied by the quantity sold is its

• A) total spending.
• B) total quantity.
• C) total cost.
• D) total income.
• E) total revenue.

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Definitions:

Picture Framer

A professional or business specialized in enclosing pictures, photographs, or artwork in frames.

Law of Diminishing Returns

An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, will begin to decrease, assuming all other variables are constant.

Short Run

A time period in economics during which at least one input is fixed while others are variable.

Marginal Products

The additional output that is produced by utilizing one more unit of a variable input, holding all other inputs constant.