If Tom sells 500 sandwiches for $7 and has an average cost of $5, what is his total revenue?
A) $500
B) $1,000
C) $2,500
D) $3,500
Correct Answer:
Verified
Q110: Table: Decision to Enter Q111: Firms earn negative profit when price is: Q112: Profit is positive whenever: Q113: A firm should exit an industry if: Q114: Which of the following statements are TRUE? Q116: Use the following to answer questions: Q117: Use the following to answer questions: Q118: Average cost equals total cost _ quantity. Q119: Which of the following statements is TRUE? Q120: Firms will enter an industry when the:
A)
A) P < AC.
B)
A)
Figure: Profit
Figure: Profit
A)
A)
A)
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