Question

Which is determined by subtracting costs from revenue?

Question 1 options:

wages


profits


debt


overhead

Question 2 (1 point)
Which of the following best states the purpose of using a production possibilities frontier graph?

Question 2 options:

pursuing the profit motive


setting up efficient production


balancing economic goals


maximizing revenue

Question 3 (1 point)
Which of the following best explains what the profit motive pushes producers to do?

Question 3 options:

minimize costs and maximize revenue


balance monetary and non-monetary benefits


achieve the maximum revenue


produce as much as possible

Question 4 (1 point)
Which of the following best states the main difference between a monopoly and an oligopoly?

Question 4 options:

Oligopolies involve more than one company while monopolies involve only one.


Both monopolies and oligopolies involve a very low level of competition.


Monopolies have a slightly lower level of market concentration than oligopolies.


Neither a monopoly nor an oligopoly presents significant barriers to entering the industry.

Question 5 (1 point)
Which type of market structure is most closely associated with the automobile industry?

Question 5 options:

pure competition


oligopoly


monopolistic competition


monopoly

Question 6 (1 point)
Which characteristic or motivation is NOT strongly associated with entrepreneurs?

Question 6 options:

working for oneself


high risk aversion


innovation


profit

Question 7 (1 point)
Advertising is the main source of revenue for which of the following industries?

Question 7 options:

e-commerce


airlines


retail sales


media

Question 8 (1 point)
Media companies make all of their revenue using which of the following methods?

Question 8 options:

selling ads and subscriptions


recycling old programming


making capital investments


buying low and selling high

Question 9 (1 point)
Which of the following statements best explains the purpose of advertising?

Question 9 options:

Advertising is about predicting what consumers will want and how much they will pay.


Advertising is about determining how much revenues will exceed costs.


Advertising is about buying the attention of an audience of potential consumers.


Advertising is about making sure that consumers get accurate product information.

Question 10 (1 point)
Which of the following best states one effect of advertising?

Question 10 options:

Market research becomes more accurate.


Stockholders have a high level of utility.


Media revenues exceed costs.


Consumer behavior is influenced.

Answer 1

A monopolist determines its profit-maximizing level of output using the demand curve, decides on the price to charge based on market demand, and calculates total revenue, total cost, and profit.

Step-by-step explanation:

Step 1: The monopolist determines its profit-maximizing level of output by using the points on the demand curve to calculate total revenue and then calculating the marginal revenue curve.

Step 2: The monopolist decides what price to charge based on what the market is willing to pay.

Step 3: The monopolist calculates total revenue, total cost, and profit by multiplying the quantity sold by the price to get total revenue, and then subtracting total costs to get profit.

Answer 2

1. B

2. B

3. C

4. A

5. B

6. B

7. D

8. A

9. C

10.?