A dairy produces and sells organic milk. Last year it sold 500,000 gallons of milk at a price of $7 per gallon. For last year, the firm's
a. total revenue was $3.5 million.
b. economic profit was $3.5 million.
c. accounting profit was $3.5 million.
d. explicit costs were $3.5 million.
a
Economics
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Which of the following does not appear on the asset side of a bank's balance sheet?
a. Required reserves. b. Checkable deposits. c. Loans. d. Excess reserves.
Economics
In monopolistic competition, if a firm advertises and raises its product, it tends to:
A. Raise costs and increase demand for its product B. Raise costs and decrease demand for its product C. Lower costs and increase demand for its product D. Lower costs and decrease demand for its product
Economics