Mikail's Perfectly Competitive Camera Memory Card-Producing Factory Is Making Positive

question 222

Multiple Choice

Mikail's perfectly competitive camera memory card-producing factory is making positive economic profits.If the price of memory cards is $9,Mikail's output is 3,000 cards a month,and his monthly average total cost is $7,what are his monthly profits?

• A)$6,000
• B)$27,000
• C)$21,000
• D)$2

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Definitions:

Expense Accounts

Accounts used to record the consumption of economic benefits during the operational period, contributing to revenue generation.

Income Summary

An account used in the closing process that summarizes revenues and expenses for a period before transferring the balance to retained earnings.

Revenue Account

An account that tracks the income earned by a company from its normal business operations, excluding expenses.

Debit

The left side of an account.