Profit Answers
7 verified answers1 views
1
Free Preview
What is the best definition of marginal cost?
A
the possible income from producing an additional itemB
the price of producing one additional unit of a goodC
the additional income gained from selling an additional goodD
the financial gain from business activity minus expenses3
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.4
Clark’s Cleaners is a housekeeping service. The company’s expenses include the
m
money the company earns after paying all of its production costs.c
cleaning supplies and any equipment the company purchases.t
total amount of money the company receives from its customers.a
amount of money the company earns from an individual cleaning.5
How can producers maximize their profit? Check all that apply.
A
They can work to increase their marginal cost.B
They can work to decrease their marginal cost.C
They can raise prices to increase marginal revenue.D
They can lower prices to decrease marginal revenue.E
They can keep marginal costs below marginal revenues.F
They can keep marginal revenues below marginal costs.6
To generate higher profits, producers must work to
i
increase their total supply.i
increase their total expenses.d
decrease their customer base.d
decrease their production costs.7
Profit equals the total amount of money made minus
A
expenses.B
prices.C
revenue.D
supply.8
[BLANK]
A
debtsB
profitsC
expensesD
costs9
What is the difference between profit and revenue?
R
Revenue is the total amount producers receive after selling a good. Profit is the total amount producers earn after subtracting the production costs.R
Revenue is the total amount producers earn after subtracting the production costs. Profit is the total amount producers receive after selling a good.R
Revenue is the total amount producers pay to manufacture a good. Profit is the total amount producers earn after subtracting the production costs.R
Revenue is the total amount producers pay to manufacture a good. Profit is the total amount producers receive after selling a good.10
What is the best definition of marginal revenue?
A
the possible income from producing an additional itemB
the price of producing one additional unit of a goodC
the additional income gained from selling an additional goodD
the financial gain from business activity minus expensesDid you find these answers helpful?
Verified answers available
TRY EDGENUITY HACKS
- Auto Complete Exams
- Auto Complete Assignments
- Skip Videos Instantly
50,000+ students using this