Profit Answers
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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.2
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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.3
Brenda’s Boards manufactures skateboards. Each skateboard sells for $45 and includes the following expenses: $3 for the wheels and mounts, $1 for the plastic board, $1 for the paint, and $10 for the labor. What is the total profit the company earns after selling 100 boards?
A
$300B
$350C
$3,000D
$3,5004
[BLANK]
A
total revenueB
marginal revenueC
marginal costD
total units produced5
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.6
What is the best definition of marginal benefit?
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 expenses7
[BLANK]
A
debtsB
profitsC
expensesD
costs8
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.Did you find these answers helpful?
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