Explain the difference between a firm's revenue and its profit
What will be an ideal response?
A firm's revenue is the total amount received for selling a good or service. It is calculated by multiplying the price per unit by the number of units sold. A firm's profit is the difference between its revenue and its costs.
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In a perfectly competitive market, all firms in the long run earn:
A) positive economic profit. B) positive accounting profit. C) zero economic profit. D) zero accounting profit.
What is marginal factor cost? How is it related to the supply curve of an input?
What will be an ideal response?
A perfectly competitive firm should continue to expand output until
a. total revenue exceeds total costs. b. total revenue exceeds variable costs. c. marginal revenue equals marginal costs. d. average revenue equals variable costs.
Which of the following types of agents moves international cargo, facilitates shipment tracking, and handles product returns for exporters and importers?
A) trade intermediaries B) third party logistics C) customs brokers D) freight forwarders