Which of the following statements is true? O A. b and d. OB. Total revenue...
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Which of the following statements is true? O A. b and d. OB. Total revenue is maximized when elasticity is one. O c. Goods are said to be price inelastic when the elasticity is greater than two. O D. Demand for milk is more elastic than demand for football tickets. E. Demand for 5-cent candy is more elastic than demand for sweaters. Which of the following is an explicit cost? A. The opportunity cost of an owner/entrepreneur's time invested in the firm. OB. The opportunity cost of the money the business owner/entrepreneur has invested in the firm. O C. The wages paid to workers. D. None of the above
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