Profit

Profit

12th Grade

15 Qs

quiz-placeholder

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Profit

Profit

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

John Robinson

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

If the product price is $85, how many units of output must the firm produce in order to maximize profits?

0

3

4

5

6

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

A firm sells its product for $4. The profit-maximizing level of output for this firm is

2

3

4

5

impossible to determine from the information given

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

The graph above shows the short-run cost and revenue curves for a perfectly competitive firm. Assume that the market price is P0 and the firm is producing at quantity Q2 . To maximize profit, the firm should

continue to produce quantity Q2, where average total cost is at its minimum

produce quantity Q1, where price is equal to marginal cost

produce quantity Q0, where average variable cost is at its minimum

decrease the price so that price equals average variable cost

increase the market price to the level of the minimum average total cost

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

The profit-maximizing level of output for this firm is

2

3

4

5

impossible to determine from the information given

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Which of the following is the best definition of PROFIT?

The total amount of income a business makes from selling products or services

The amount of money a business has left over after paying for their costs.

The total amount of money a business spends.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Which of the following is the equation for figuring out PROFIT?

Profit = Revenue - Cost

Profit = Cost - Revenue

Revenue = Profit - Cost

Costs = Profit - Revenue

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The term used to describe money gained after a sale.

cost price

selling price

profit 

loss

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