-Sun's Gas Station Is a Firm Operating in a Perfectly

question 73

Multiple Choice

-Sun's Gas Station is a firm operating in a perfectly competitive industry. Sun's Gas Station sells each gallon of gas for $3. What is the total revenue earned by selling 180 gallons of gas?

• A) $240
• B) $540
• C) $840
• D) $3,300

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Definitions:

Net Exports

The value of a country's total exports minus its total imports, representing the trade balance within a specific period.

Tariffs

Taxes or duties imposed on imported goods to make them more expensive compared to domestic goods, often used to protect local industries.

Trade Balance

The difference in value between a country's imports and its exports; a surplus indicates more exports than imports, and a deficit the opposite.

Currency

The paper bills and coins in the hands of the public.