A Certain Firm Manufactures and Sells Computer Chips

question 231

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 was $20 million.
• B) economic profit was $20 million.
• C) total revenue was $20 million.
• D) explicit costs was $20 million.

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Definitions:

Surface Statements

Expressions or remarks that only address superficial aspects without delving into deeper or underlying issues.

Paying Customer

An individual or entity that purchases goods or services from a business.

Internal Customer

An individual or department within an organization that receives services or products from another department or individual in the same organization.

External Customer

Individuals or entities outside of an organization who use or purchase its products or services.