Consider the mosaic depicting Emperor Justinian and his attendants (figure 14.11). What other examples can you think of where art is used to express the authority of the ruler? Is it the same kind of power Justinian is claiming? Give specific examples.
Definitions:
Profit Maximized
The point at which a firm achieves the highest possible profit, typically by adjusting output levels or prices.
Total Revenue
The total amount of money that is brought in by sales of goods or services.
Total Cost
The complete cost of production, encompassing both fixed and variable costs.
Marginal Revenue
The incremental revenue acquired by a business upon selling one more unit of a good or service.
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