-In the above figure, if the economy is initially at point D and government expenditure increases, the economy will
Definitions:
Total Revenue
Total revenue represents the total income a firm receives from selling its goods or services, calculated as the quantity sold multiplied by the price per unit.
Competitive Market
A market structure characterized by a large number of buyers and sellers, where no single entity has the power to significantly influence prices or market conditions.
Average Revenue
The revenue received per unit of output sold.
Quantity Demanded
The amount of a product that consumers are willing and able to purchase at a given price.
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