A pottery studio records the following figures for one month.
| Total revenue | Total cost |
|---|---|
| £18,600 | £17,900 |
Which statement about the studio's month is correct?
The studio's loss is equal to its total cost.
The studio has made a profit.
The studio has made a loss.
The studio's profit is equal to its total revenue.
83 exam-style questions on OCR GCSE Economics 2.6 Production, covering 2.6.1 Role of producers, 2.6.2 Importance of production and productivity, 2.6.3 Calculate cost, revenue, profit and loss, 2.6.4 Explain cost, revenue, profit and loss, 2.6.5 Cost, revenue and profit for producers, and 2.6.6 Economies of scale. Each one has a worked solution and a mark scheme showing where the marks go.