The Carolina Christmas Tree Corporation grows and sells 500 Christmas trees. The average cost of production per tree is $50 . Each tree sells for a price of $65 . The Carolina Christmas Tree Corporation's total revenues are
a. $7,500.
b. $25,000.
c. $32,500.
d. $67,500.
c
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A bank's required reserves are the fraction of deposits they are required by law to hold as reserves
Indicate whether the statement is true or false
In the market for insurance,
A) buyers often have more information than sellers. B) sellers are protected from lawsuits brought by buyers. C) demand is perfectly inelastic because, by law, home owners and automobile drivers must have insurance. D) sellers often have better information than buyers.
Oligopolies have few sellers and difficult entry
a. True b. False Indicate whether the statement is true or false
Which of the following is true? a. A person's wage or salary is his or her opportunity cost of leisure
b. Any time that is spent working for a paid job is known as the time spent in leisure. c. An individual's decision to work in a low paying job or a high paying job is known as the labor-leisure tradeoff. d. A person who works more also always get to enjoy more leisure time. e. If an individual labor supply curve bends backward at some high wage, then the market supply curve also bends backward.