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Exam 10: Revenue and Profit

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Exam 1: The Business Environment and Business Economics44 Questionsadd course
Exam 2: Economics and the World of Business48 Questionsadd course
Exam 3: Business Organisations50 Questionsadd course
Exam 4: The Working of Competitive Markets77 Questionsadd course
Exam 5: Business in a Market Environment69 Questionsadd course
Exam 6: Demand and the Consumer61 Questionsadd course
Exam 7: Demand and the Firm48 Questionsadd course
Exam 8: Products, Marketing and Advertising40 Questionsadd course
Exam 9: Costs of Production60 Questionsadd course
Exam 10: Revenue and Profit43 Questionsadd course
Exam 11: Profit Maximisation Under Perfect Competition and Monopoly47 Questionsadd course
Exam 12: Profit Maximisation Under Imperfect Competition62 Questionsadd course
Exam 13: An Introduction to Business Strategy69 Questionsadd course
Exam 14: Alternative Theories of the Firm48 Questionsadd course
Exam 15: Growth Strategy63 Questionsadd course
Exam 16: The Small-Firm Sector51 Questionsadd course
Exam 17: Pricing Strategy50 Questionsadd course
Exam 18: Labour Markets, Wages and Industrial Relations85 Questionsadd course
Exam 19: Investment and the Employment of Capital55 Questionsadd course
Exam 20: Reasons for Government Intervention in the Market89 Questionsadd course
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Exam 23: Globalisation and Multinational Business74 Questionsadd course
Exam 24: International Trade54 Questionsadd course
Exam 25: Trading Blocs56 Questionsadd course
Exam 26: The Macroeconomic Environment of Business160 Questionsadd course
Exam 27: The Balance of Payments and Exchange Rates107 Questionsadd course
Exam 28: Banking, Money and Interest Rates128 Questionsadd course
Exam 29: Business Activity, Employment and Inflation197 Questionsadd course
Exam 30: Demand-Side Policy123 Questionsadd course
Exam 31: Supply-Side Policy64 Questionsadd course
Exam 32: International Economic Policy67 Questionsadd course
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The demand curve facing a price- taking industry is perfectly elastic.

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Question 41

Why does equating marginal cost to marginal revenue maximise profits (or minimise losses)?

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Question 42

Jack is self- employed. Last year he made £25,000 but he could have earned £30,000 by working for his brother George. What is his economic profit?

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Question 43
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