A Certain Firm Manufactures and Sells Computer Chips

question 42

Multiple Choice

A certain firm manufactures and sells computer chips.Last year it sold 2 million chips at a price of $10 per chip.For last year,the firm's

• A) accounting profit amounted to $20 million.
• B) economic profit amounted to $20 million.
• C) total revenue amounted to $20 million.
• D) explicit costs amounted to $20 million.

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Definitions:

Global Warming

The gradual increase in the overall temperature of the earth's atmosphere generally attributed to the greenhouse effect caused by increased levels of carbon dioxide and other pollutants.

Acid Rain

Rainfall made significantly acidic by atmospheric pollution, causing environmental harm to forests, lakes, and structures.

Technological Applications

Practical uses of technology to solve problems or enhance processes in various fields like medicine, business, or education.

Federal Government

A system of government where power is divided between a central (national) government and various regional governments, often seen in countries with a federalist structure.