The price of a mango is $2 and a farmer sells 2,000 mangos. However, the costs to the farmer are $400 for labor; $1,600 for rent; and $2,000 for advertising. Based on the above information, the farmer
A) makes $2,000 in profit.
B) loses $2,000 in profit.
C) makes $2,000 in total revenue.
D) makes $4,000 in total revenue.
Correct Answer:
Verified
Q23: Ian owned his own dry cleaning shop,
Q24: Profits are equal to the difference between
Q25: Economists explicitly assume that the primary objective
Q26: Most economists assume that firms behave _
Q27: Economists assume that firms try to _.
Q29: All of these are explicit costs, EXCEPT
A)
Q30: Economic profit is total revenue minus
A) implicit
Q31: Which is an implicit cost?
A) material cost
B)
Q32: Economic costs are the sum of _
Q33: All of these are included in implicit
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