Gemini Inc

question 1

Multiple Choice

Gemini Inc. earned a net income of $250,000 in the year 2000. If its expenses for that year amounted to $50,000, what was the revenue that Gemini Inc. earned in the year 2000?

• A) $300,000
• B) $250,000
• C) $350,000
• D) $200,000

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Definitions:

Rent

The price paid for the use of property or land, typically on a periodic basis by tenants to landlords.

Average Total Cost Curve

A graphical representation that shows the average total cost of producing different quantities of a good.

Diminishing Returns

A principle stating that if one factor of production is increased while other factors are held constant, the output per unit of the variable factor will eventually decrease.

Output Levels

Quantities of products or services produced within a given timeframe, reflecting the scale of a company's or industry's production.