Multiple Choice Questions

How can producers maximize their profit? Check all that apply.
  • 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.
  • Revenue is the total amount producers receive after selling a good. Profit is the total amount producers earn after subtracting the production costs.
  • They can work to decrease their marginal cost.They can raise prices to increase marginal revenue. They can keep marginal costs below marginal revenues.
  • the price of producing one additional unit of a good
Producers often work to maximize their ____ and make them as large as possible.
  • profits
  • $3,000
  • cleaning supplies and any equipment the company purchases.
  • remains the same as production increases.
The chart shows the marginal revenue of producing apple pies.According to the chart, the marginal revenue
  • profits
  • the price of producing one additional unit of a good
  • remains the same as production increases.
  • cleaning supplies and any equipment the company purchases.
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 revenue the company makes after selling 10 boards?
  • $450
  • profits
  • remains the same as production increases.
  • $3,000
What is the difference between profit and revenue?
  • Revenue is the total amount producers receive after selling a good. Profit is the total amount producers earn after subtracting the production costs.
  • the price of producing one additional unit of a good
  • They can work to decrease their marginal cost.They can raise prices to increase marginal revenue. They can keep marginal costs below marginal revenues.
  • 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.
What is the best definition of marginal cost?
  • Revenue is the total amount producers receive after selling a good. Profit is the total amount producers earn after subtracting the production costs.
  • the price of producing one additional unit of a good
  • 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.
  • cleaning supplies and any equipment the company purchases.
In order to calculate marginal cost, producers must compare the difference in the cost of producing one unit to the cost of
  • producing the next unit
  • profits
  • remains the same as production increases.
  • cleaning supplies and any equipment the company purchases.
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Multiple Choice Questions
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