The Carolina Christmas Tree Corporation Grows and Sells 500 Christmas

question 103

Multiple Choice

The Carolina Christmas Tree Corporation grows and sells 500 Christmas trees. The average cost of production per tree is $50. Each tree sells for a price of $65. The Carolina Christmas Tree Corporation's total revenues are

• A)$7,500.
• B)$25,000.
• C)$32,500.
• D)$67,500.

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Definitions:

Scarce Resources

Resources that are limited in supply and cannot satisfy all the demands placed on them.

Circular Flow Model

A simplified economic model that illustrates how money, goods, and services move through the economy in different markets between households and firms.

Basic Markets

Refers to the simplest forms of economic markets where goods and services are exchanged between buyers and sellers under minimal regulations or complexities.

Resource Market

A marketplace where resources or inputs (like labor, capital, and raw materials) needed for production are bought and sold.