Refer to Table 14-1. Over which range of output is average revenue equal to price?

A) 2 to 10 units
B) 6 to 14 units
C) 10 to 18 units
D) Average revenue is equal to price over the entire range of output.

If depreciation expense is calculated without taking into account the asset's residual value,depreciation expense will be overstated.

A consumer is currently spending all of her available income on two goods: music CDs and DVDs. At her current consumption bundle, she is spending twice as much on CDs as she is on DVDs. If the consumer has $120 of income and is consuming 10 CDs and 2 DVDs, what is the price of a CD?

A) $4
B) $8
C) $12
D) $20

A contract in which one or more of the parties have the legal right to cancel their obligations under the contract is called a(n) :

A) void contract.
B) valid contract.
C) voidable contract.
D) unenforceable contract.

On a graph showing the aggregate demand and aggregate supply curves,stagflation can be represented by a:

A) leftward shift of the aggregate supply curve.
B) rightward shift of the aggregate supply curve.
C) upward movement along the aggregate supply curve.
D) rightward shift of the aggregate demand curve.
E) upward movement along the aggregate demand curve.

Refer to Figure 7-13. How much is total producer surplus in this market at the equilibrium price?