2.4 Profit Answers
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21
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What is the difference between profit and revenue?
A
Revenue is the total amount producers receive after selling a good. Profit is the total amount producers earn after subtracting the production costs.B
Revenue is the total amount producers earn after subtracting the production costs. Profit is the total amount producers receive after selling a good.C
Revenue is the total amount producers pay to manufacture a good. Profit is the total amount producers earn after subtracting the production costs.D
Revenue is the total amount producers pay to manufacture a good. Profit is the total amount producers receive after selling a good.22
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The chart shows the marginal revenue of producing apple pies.According to the chart, the marginal revenue
A
decreases by ten dollars as production increases.B
increases by ten dollars as production increases.C
falls to zero dollars as production increases.D
remains the same as production increases.23
The Davis family grows organic vegetables to sell at a local farmer’s market. Which are factors that directly affect their profit? Check all that apply.
A
an increase in the cost of farm equipmentB
a rise in demand for organic produceC
an increase in customers at the marketD
a change in the market price for non-organic fruitE
a sale on organic meats at the market24
South Avenue Publishing produces self-help books. The company’s profit is the
A
money the company earns after paying all of its production costs.B
paper, binding, and other supplies the company purchases.C
total amount the company receives from the sale of its books.D
amount of money the company earns from selling a single book.25
Profit equals the total amount of money made minus
A
expenses.B
prices.C
revenue.D
supply.26
In order to calculate marginal cost, producers must compare the difference in the cost of producing one unit to the cost of
A
purchasing a unit.B
distributing that unit.C
producing the next unit.D
producing a different unit.27
[BLANK]
A
total revenueB
marginal revenueC
marginal costD
total units produced28
What is the difference between marginal cost and marginal revenue?
A
Marginal cost is the money earned from selling one more unit of a good. Marginal revenue is the money paid for producing one more unit of a good.B
Marginal cost is the money paid for producing one more unit of a good. Marginal revenue is the money earned from selling one more unit of a good.C
Marginal cost is the money a producer might make from one more unit. Marginal revenue is the money a producer actually makes from one more unit.D
Marginal cost is the money a producer actually makes from one more unit. Marginal revenue is the money a producer might make from one more unit.29
1.00.50.251.25
A
1.00B
.50C
.25D
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