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TOTAL REVENUE, MONOPOLY: The revenue received by a monopoly firm for the sale of its output. Total revenue is one of two parts a monopoly needs for the calculation of economic profit, the other is total cost. In general, total revenue is the price received for selling a good times the quantity of the good sold at that price. Because a monopoly completely controls its market and faces a negatively-sloped demand curve, it charges a different price for a given quantity. If a monopoly sells a relatively small quantity, it charges a relatively high price. If it sells a relatively smaller quantity, it charges a relatively lower price. However, once the monopoly determines its' price/quantity combination, total revenue calculation is relatively straightforward, multiply the price times the quantity.

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SUPPLY DETERMINANTS

Five ceteris paribus factors that affect supply, but which are assumed constant when a supply curve is constructed. They are resource prices, production technology, other prices, sellers' expectations, and number of sellers. Changes in the supply determinants cause shifts of the supply curve and disruptions of the market.

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One of the largest markets for gold in the United States is the manufacturing of class rings.
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