Answers2027 Ignite Financial Literacy-Personal Finance - EL3403Profit

Profit Answers

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A
total revenue
B
marginal revenue
C
marginal cost
D
total units produced
2
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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 equipment
B
a rise in demand for organic produce
C
an increase in customers at the market
D
a change in the market price for non-organic fruit
E
a sale on organic meats at the market
3

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.
4

Producers must understand the marginal benefit of making an additional unit, which shows the

A
actual gain.
B
eventual gain.
C
possible gain.
D
unlikely gain.
5

Profit equals the total amount of money made minus

A
expenses.
B
prices.
C
revenue.
D
supply.

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