Which of the Following Determines a Firm's Revenue When It

question 146

Multiple Choice

Which of the following determines a firm's revenue when it changes the price of its product?

• A)the firm's cost function
• B)the elasticity of the firm's total product curve
• C)the plant size used by the firm in the long run
• D)the price elasticity of demand for the firm's product
• E)the price elasticity of supply

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Definitions:

Practices

Routine actions or procedures followed by individuals or organizations in their professional or daily activities.

Goods

Tangible products or items that are produced or manufactured for sale and consumption.

Robinson-Patman Act

A United States federal law that aims to prevent anticompetitive practices by producers, specifically price discrimination.

Price Differentials

The variation in price levels between different geographic areas, markets, or products due to various factors like competition, demand, and cost of living.