Suppose Chip's Chips produces bags of potato chips that sell for $3 a bag. What was the total revenue for Chip's Chips?
A. Cannot answer this question without knowing the quantity of bags sold.
B. Cannot answer this question without knowing the cost per bag.
C. Cannot answer this question without knowing the cost per bag and the quantity of bags sold.
D. Cannot answer this question without knowing what market share they hold.
Answer: A
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Figure 7-8
Of the graphs in Figure 7-8, which represents fixed cost?
A. 1 B. 2 C. 3 D. 4
An economist claims that "the evidence suggests that high rates of inflation are associated with slow long-term economic growth." This is an example of
a. positive economics b. normative economics c. negative economics d. a simplifying assumption e. microeconomic analysis
If intended investment is $500 billion, and actual investment is $620 billion, then we know that
a. consumption is $620 billion b. unwanted inventory is $620 billion c. consumption is $120 billion d. unwanted inventory is $120 billion e. saving is $500 billion
One of the most significant factors causing the recession of 2007-2009 was
A. very low interest rates maintained by the Federal Reserve. B. the bursting of the housing bubble. C. the huge federal government budget surplus. D. very low, crude oil prices.