If a Business Produces and Sells Only One Unit of a Good

question 17

Multiple Choice

If a business produces and sells only one unit of a good, its profit would be the

• A)price received for the good
• B)price of the product minus the cost of the resources used to produce the product
• C)return paid to the firm's bank on its outstanding loans
• D)price of the product minus the wages paid for the labor used to produce it
• E)wages paid for the labor used to produce the product minus the price

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Definitions:

Positive Balance

A financial situation where assets exceed liabilities, indicating a surplus.

Protectionist Actions

Measures taken by a government to protect its domestic industries from foreign competition by imposing tariffs or quotas.

International Product Life Cycle

A theory explaining how a product matures and sales change over time on an international scale, including stages like introduction, growth, maturity, and decline.

Standardized

Conforming to a uniform style, size, or quality, often to facilitate compatibility and interoperability among various products or processes.