Author Question: Explain the difference between a firm's revenue and its profit. What will be an ideal ... (Read 83 times)

D2AR0N · **on:** Jun 29, 2018

Explain the difference between a firm's revenue and its profit.

What will be an ideal response?

Question 2

Refer to Figure 9-2. The tariff causes domestic consumption of rice

A) to rise by 16 million pounds. B) to fall by 27 million pounds.
C) to fall by 11 million pounds. D) to rise by 6 million pounds.

pangili4 · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

A firm's revenue is the total amount received for selling a good or service. It is calculated by multiplying the price per unit by the number of units sold. A firm's profit is the difference between its revenue and its costs.

Answer to Question 2

C