The difference between a firm's total revenues and total costs when all explicit and implicit costs are included is the firm's:
a. economic profit.
b. accounting profit.
c. opportunity cost of capital.
d. long-run average total cost.
a
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Assume that the dollar price of a basket of goods in the U.S. is $4 and the Indian price for the same basket is 200 rupees. On the other hand, the dollar price of the Indian basket is $20
Given this information, the Indian price for the Indian basket will be: A) $1,200. B) $1,000. C) $200. D) $5.
Producing more cabbage is efficient if
a. cabbage production can be increased without reducing production of other goods. b. the opportunity cost of more cabbage is less than its marginal utility. c. society values the additional cabbage more highly than the lettuce it must give up to produce the extra cabbage. d. All of the above are correct.
The exchange rate of the Euro in terms of the US Dollar is currently:
(a) At parity. (b) Below parity. (c) Above parity. (d) Undefined.
To economists, a game is:
A. a trivial pursuit that should not be used to analyze the economy or its actors. B. any situation in which players pursue strategies designed to achieve their goals. C. a way to simplify and minimize the true importance of situations like war. D. All of these statements are true.