Home » mcq » Economics » Match the following. List-I List-II a. Economic profit 1. Total revenue explicit cost b. Accounting profit 2. Buyers and sellers exchanging c. Collusion/Cartel 3. Total revenue – Total cost d. Market 4. Oligopoly
a-3, b-1, c-4, d-2
a-1, b-2, c-3, d-4
a-4, b-3, c-2, d-1
a-2, b-4, c-1, d-3
Answer is Wrong!
Answer is Right!
The correct answer is: A. a-3, b-1, c-4, d-2
- Economic profit is total revenue minus total cost, including both explicit and implicit costs.
- Accounting profit is total revenue minus explicit costs.
- Collusion/Cartel is an agreement between firms to restrict output and raise prices.
- Market is a place where buyers and 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z"/>
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sellers exchange goods and services.
Economic profit is the difference between a firm’s total revenue and its total cost. Total revenue is the total amount of money that a firm receives from selling its goods or services. Total cost is the total amount of money that a firm spends on producing its goods or services. Economic profit is important because it is a measure of a firm’s efficiency. A firm that is earning economic profit is more efficient than a firm that is not earning economic profit.
Accounting profit is the difference between a firm’s total revenue and its explicit costs. Explicit costs are the costs that a firm incurs when it pays for things like labor, materials, and rent. Accounting profit is important because it is a measure of a firm’s profitability. A firm that is earning accounting profit is more profitable than a firm that is not earning accounting profit.
Collusion/Cartel is an agreement between firms to restrict output and raise prices. Collusion is illegal in most countries, but it is still a common practice. Collusion can lead to higher prices for consumers and lower profits for firms.
Market is a place where buyers and sellers exchange goods and services. A market can be physical, such as a farmers’ market, or it can be virtual, such as an online marketplace. Markets are important because they allow buyers and sellers to find each other and to trade goods and services.