Which of the Following Represents the Biggest Customer of American

question 57

Multiple Choice

Which of the following represents the biggest customer of American business?

• A) Government
• B) Other businesses
• C) Foreign governments
• D) Consumers
• E) The military

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Definitions:

Economic Profit

The profit or loss that a company makes, calculated by subtracting both the explicit and implicit costs from total revenues.

MR Curve

The Marginal Revenue curve represents the change in total revenue that results from selling one additional unit of a good or service.

Opportunity Costs

The value of the best alternative forgone when a decision is made to pursue a certain action.

MR

Marginal Revenue, the increase in revenue that results from selling one additional unit of a product.