1) Two years ago, Maria put $ 3000 in an account paying 3 % interest rate. How m
ID: 1223116 • Letter: 1
Question
1) Two years ago, Maria put $ 3000 in an account paying 3 % interest rate. How much does she have in the account today?
A) $3,180 B) $3,100 C) $3,182.7 D) $3,183.62
2) Suppose a dentist is organized as a sole proprietorship. Last year the dentist's total revenue was $320,000 and total costs were $250,000. The dentist left a job paying $112,000 a year to start the sole proprietorship. According to the information in the scenario above, how much economic profit did the dentist make last year?
A) $182,000 B) $112,000 C) $70,000 D) -$28,000 E) -$42,000
3) How much accounting profit did this dentist make?
A) $182,000 B) -$28,000 C) $70,000 D) $112,000 E) -$42,000
4)In monopolistically competitive markets, New firms will enter the market
A) any time price exceeds average variable cost
B) only in the long run
C) in either the short or long run
D) only in the short run
5) Advertising is more prevalent in
A) monopolistic competition B) oligopoly C) monopoly D) perfect competition
Explanation / Answer
1. if it is on simple interest, option A is correct. if it is compounded (annuyallyI interest then option C is correct
2. total book profit= 320,000-250,000= $70,000
his salary will be= 112,000, and the total loss will be112,000-70,000= $42000
option E is correct
3. his accounting profit is= $70,000, option C is correct
4. option A is right
5. option A is correct
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