Use the Information Below to Answer the Following Question(s)

question 209

Multiple Choice

Use the information below to answer the following question(s) .
Sanjay Company has monthly fixed costs of $112,000. The variable costs are $5.00 per unit.The sales price per unit is $20.00 and they sold 8,000 units.
-Sanjay Company's total sales revenue will be

• A) $160,000.
• B) $120,000.
• C) $112,000.
• D) $8,000.

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Definitions:

Monopoly

a market structure characterized by a single seller who has exclusive control over a product or service, often leading to higher prices and less competition.

Long Run

In economics, a period in which all inputs or factors of production can be varied, allowing companies to adjust all aspects of their operations.

Economic Profit

The difference between total revenue and total cost, including both explicit and implicit costs, representing the additional gain over the opportunity cost.

Perfectly Competitive Industry

An industry in which numerous small firms produce identical products, where no single firm can influence the market price, and all firms are price takers.