Economic profits are found by total revenues minus
A) explicit costs.
B) explicit and implicit costs.
C) implicit costs.
D) all opportunity costs.
Answer: B
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The above table shows the market shares for all the landscaping services in a suburban area. The Herfindahl-Hirschman Index (HHI) equals
A) 65. B) 900. C) 1400. D) 1600.
Can real standards of living go up without any positive economic growth?
Assume the firms in a monopolistically competitive market are currently incurring economic losses
Because they are price searchers, existing firms will raise their prices until the losses are eliminated and each firm is once again earning zero economic profit. Indicate whether the statement is true or false
Which of the following goods is more likely to be excludable?
A) a chocolate bar B) a concert at Times Square C) national defense D) ocean breeze