Other questions in this quiz

2. A firm sells 10 units at £5 each. Its total costs are £30. How much profit is made?

  • A £20 loss is made.
  • A £20 profit is made.
  • A £50 profit is made.

3. If a company reduces a product's price, what does this mean for their revenue?

  • There could be an increase or decrease in revenue.
  • There will be a decrease in revenue.
  • There will be an increase in revenue

4. What does 'total cost' mean?

  • The total expenses of a firm.
  • The total income earned by a firm.
  • The total amount of profit earned by a firm.

5. An increase in output does not mean an increase in:

  • Overheads.
  • Variable costs.
  • Direct costs.

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