QUESTION 19If your total profit is 8000 dirhams and your total revenue is 10000 dirhams. How much is your total cost?O a. 3000 dirhams.O b. 1500 dirhams.c. 2000 dirhams.O d. 1000 dirhams.QUESTION 20In a perfect competitive market, companies will make zero profits in the long run becauseO a. Too much competition.O b. They do not know how to produce.O c. Little competition.O d. None of the above is correct.QUESTION 21A decrease in price will increase consumer welfare or consumer surplus due toa. New consumers paying a higher price, and old consumers leaving the market.b. New consumers paying a lower price, and old consumers leaving the market.O c. Old consumers paying a higher price, and new consumers entering into the market.O d. Old consumers paying a lower price, and new consumers entering into the market.

Q19) "Total profits are computed by deducting total cost from total revenue."

Answered: QUESTION 19 If your total profit is…

QUESTION 19 If your total profit is 8000 dirhams and your total revenue is 10000 dirhams. How much is your total cost? a. 3000 dirhams. b. 1500 dirhams. c. 2000 dirhams. d. 1000 dirhams.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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