Firm X is producing 1000 units, selling them at $15 each. Variable costs are $3 per unit and the firm is making an accounting profit of $3000 . What is the firm's total costs?
a. $10,000
b. $11,000
c. $12,000
d. $13,000
c
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Assume a bank currently holds $75 million in demand deposits, $10 million in vault cash and $25 million deposited at the Federal Reserve. If the required reserve ratio is 15 percent, how much must the bank hold in required reserves?
a. $15.0 million b. $3.75 million c. $11.25 million d. $16.5 million e. $12.75 million.
Factor(s) explaining China's rapid growth
a. foreign trade zones b. high domestic savings c. Greater China d. China's export orientation e. All of the above
For a monopoly market, total surplus can be defined as the value of the good to
a. producers minus the cost incurred by consumers. b. producers plus the cost incurred by consumers. c. consumers minus the costs of producing the good. d. consumers plus the cost of producing the good.
The individual who brings together economic resources and assumes the risk in a capitalist economy is called the:
a. Stockbroker b. Entrepreneur c. Banker d. Manager