6th quiz

6th quiz

University

35 Qs

quiz-placeholder

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6th quiz

6th quiz

Assessment

Quiz

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University

Practice Problem

Hard

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35 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Total revenue minus total cost is equal to

the rate of return

marginal revenue

profit

net cost

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Refer to Figure, This corn producer produces 100 bushels of corn and sells each bushel at $5. The cost of producing each bushel is $2. This corn producer's total revenue is ________ and profit is ______

$200; $300

$300; $200

$500; $200

$500; $300

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Refer to Figure, This corn producer earns a total revenue of $900. Each bushel of corn is sold for $5. This corn producer must be selling ________ bushels of corn.

180

450

900

4500

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Refer to Figure, A corn producer's profit is $200 and is producing 100 bushels of corn. Then he must have a cost per bushel of

$1

$2

$3

$4

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Refer to Figure, A corn producer produces 80 bushels of corn and sells each bushel at $5. The cost of producing each unit bushel is $2. This corn producer's total revenue is ________ and profit if ________.

$160; $0

$240; $80

$400; $240

$400; $160

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Refer to Figure, A corn producer's total revenue is $1,000. If she sells each bushel of corn for $5, she must be selling ________ bushels of corn

200

450

900

4500

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Wax Works sells 400 candles at a price of $10 per candle. The Wax Works' total costs for producing 400 candles are $500. The Wax Works' economic profit is

-$100

$3,500

$4,500

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