The Table Given Below Shows the Total Revenue and Total

question 66

Multiple Choice

The table given below shows the total revenue and total cost of a firm at different levels of output. Table 23.2
Consider the perfectly competitive firm described in Table 23.2.How much profit will the firm make if it is a profit maximizer?

• A)$20
• B)$45
• C)$46
• D)$80
• E)$50

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Definitions:

Net Income

A measure of the profitability of a company after all expenses and taxes have been subtracted from total revenue.

Percentage-Of-Completion

An accounting method used to recognize revenue and expenses of long-term projects proportionally based on the project's level of completion.

Construction In Progress

The cost of construction work that has started but not yet been completed or billed to the client.

Partial Billings

Requests for payment for a portion of a project or work completed, often used in long-term contracts or with milestone-based payments.