Profit and its Maximization in Economics

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Business
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11th Grade - University
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Hard
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary difference between accounting profit and economic profit?
Accounting profit includes opportunity costs, while economic profit does not.
Economic profit is always higher than accounting profit.
Economic profit includes opportunity costs, while accounting profit does not.
Accounting profit is always higher than economic profit.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the context of a sole trader, what is considered an opportunity cost?
The revenue generated by the business.
The total production costs.
The dividends distributed to shareholders.
The salary given up to start the business.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does normal profit indicate in a business?
The business is making supernormal profit.
The business is covering all its costs.
The business is making a loss.
The business is not covering its opportunity costs.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which curves are essential to represent profit diagrammatically?
Average cost and average revenue curves.
Marginal cost and marginal revenue curves.
Total cost and total revenue curves.
Supply and demand curves.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
At what point is profit maximized for a firm?
When total revenue is less than total cost.
When marginal revenue equals marginal cost.
When total cost is minimized.
When average revenue equals average cost.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when marginal revenue is greater than marginal cost?
The firm should decrease output.
The firm should increase output.
The firm should shut down operations.
The firm should maintain current output.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is supernormal profit?
Profit that covers only fixed costs.
Profit that exceeds normal profit.
Profit that is less than normal profit.
Profit that equals total revenue.
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