According to the chart, the marginal revenue
  • the price of producing one additional unit of a good
  • expenses.
  • decrease their production costs.
  • remains the same as production increases.
Brenda's Boards manufactures skateboards. Each skateboard sells for $45 and includes the following expenses: $3 for the wheels and mounts, $1 for the plastic board, $1 for the paint, and $10 for the labor. What is the total revenue the company makes after selling 10 boards?
  • $3,000
  • profits
  • $450
  • expenses.
To calculate profit, producers subtract their total production cost from their _____
  • expenses.
  • profits
  • decrease their production costs.
  • total revenue
What is the difference between marginal cost and marginal revenue?
  • decrease their production costs.
  • remains the same as production increases.
  • the price of producing one additional unit of a good
  • Marginal cost is the money paid for producing one more unit of a good. Marginal revenue is the money earned from selling one more unit of a good.
Producers often work to maximize their ____ and make them as large as possible.
  • profits
  • expenses.
  • total revenue
  • $3,000
The Davis family grows organic vegetables to sell at a local farmer's market. Which are factors that directly affect their profit? Check all that apply.
  • Marginal cost is the money paid for producing one more unit of a good. Marginal revenue is the money earned from selling one more unit of a good.
  • the price of producing one additional unit of a good
  • total revenue
  • NOT an increase in the cost of farm equipmenta rise in demand for organic produce
What is the best definition of marginal cost?
  • remains the same as production increases.
  • decrease their production costs.
  • the price of producing one additional unit of a good
  • Marginal cost is the money paid for producing one more unit of a good. Marginal revenue is the money earned from selling one more unit of a good.
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