Suppose Chip's Chips produces bags of potato chips that sell for $3 a bag. What was the total revenue for Chip's Chips?
A. Cannot answer this question without knowing the cost per bag.
B. Cannot answer this question without knowing the quantity of bags sold.
C. Cannot answer this question without knowing the cost per bag and the quantity of bags sold.
D. Cannot answer this question without knowing what market share they hold.
B. Cannot answer this question without knowing the quantity of bags sold.
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Suppose that the interest rate available to you on a long-term bond is 4 percent. If you hold $1,000 of your wealth in currency instead of in the form of a bond, the annual opportunity cost is
A) $0.04. B) $4. C) $40. D) $400.
In some industries, like insurance, both small and very large firms coexist and compete quite effectively in the market. This indicates that the long-run average total cost curve in these industries
a. is "U" shaped. b. is downward sloping over all levels of output. c. exhibits constant returns to scale over a wide range of output. d. exhibits diseconomies of scale beginning at a low rate of output.