Question: Which accurately explains how profit is calculated?

Total retail sales are determined.

Costs are subtracted from revenues.

Benefits and costs are balanced.

Gross domestic product is calculated.

Answer: Costs are subtracted from revenues.

Question: Which is the main force behind the decisions made by producers in a free-market society?

maximizing benefits

serving customers

the profit motive

reducing opportunity costs

Answer: the profit motive

Question: Which tool helps a producer set up an efficient system of production?

production possibilities frontier graph

market research department

electric-powered assembly line

determination of opportunity costs

Answer: production possibilities frontier graph

Question: Which is a market structure characterized by at least some competition between producers?

monopoly

socialist planning

oligopoly

command economy

Answer: oligopoly

Question:

Answer: A small number of producers command nearly the entire market for a certain good or service.