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1.4 Production, costs, revenue and profit

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Question 92

The market price received by tomato growers rises while their cost per box remains unchanged. What are growers most likely to do?

[1]
A

Expand production because expected profit per box has risen

B

Leave the market because revenue has risen

C

Reduce production because buyers pay more

D

Stop production because fixed costs are unchanged

Markscheme

1.4 Production, costs, revenue and profit Questions

  1. GCSE
  2. /Economics
  3. /1.4 Production, costs, revenue and profit

138 exam-style questions on AQA GCSE Economics 1.4 Production, costs, revenue and profit, covering 1.4.1a Business objectives, 1.4.1b Types of costs and revenue, 1.4.1c Calculating profit, 1.4.1d Profit as an incentive to produce, 1.4.1e Moral and ethical considerations, 1.4.2a Production versus productivity, 1.4.2b Factors and benefits of productivity, 1.4.3a Economies of scale and business behaviour, 1.4.3b Types of economy of scale, and 1.4.3c Diseconomies of scale. Each one has a worked solution and a mark scheme showing where the marks go.

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