Question

21.	What combination of changes would most likely decrease the equilibrium quantity?

A.	when supply increases and demand decreases

B.	when demand increases and supply decreases

C.	when demand decreases and supply decreases

D.	when supply increases and demand increases

23. A firm's profits equal $100 if:         A. its total revenue is $100.         B. the sum of its total revenue and its total cost is $100.         C. the difference between its total revenue and its total cost is $100.         D. its total cost is $100. 24. If a firm's total revenue is $10,000 and its total costs are $9,000, then its profits are:        A. -$1,000.        B. $1,000.        C. $10,000.        D. $19,000. 25. A company such as Microsoft or Pepsi Co. is a legal hassle to organize, difficult to monitor, and possibly could double tax income. It is an example of a:       A. consumer       B. sole proprietorship       C. partnership       D. corporation are my answers correct 21. a 23.a 24.b 25. d

Answer 1

21) when demand decreases and supply decreases.

Because both curve shift leftward. So equilibrium quantity decreases.

23)c) the difference between its total revenue and its total cost is $100.

We know profit = revenue - cost

24) B) profit = revenue - cost

or,  profit = 10,000 - 9000 = $1000

25)  B. sole proprietorship