Suppose your donut shop earns $25,000 in total revenues per month with explicit costs of $12,000 and opportunity costs of $8,000. Your accounting profit is
A) $45,000.
B) $13,000.
C) $33,000.
D) zero.
Answer: B
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In the figure above, the equilibrium market price is $20. The producer surplus equals
A) $20. B) $1,500. C) $3,000. D) 150. E) $4,500.
Multinational businesses produce and sell goods around the world
a. True b. False Indicate whether the statement is true or false
Suppose both supply and demand increase. What effect will this have on the equilibrium quantity?
A. It may rise or fall. B. It will rise. C. It will remain the same. D. It will fall.
Which of the following is an example of an institution whose primary concern is global stability?
A) NAFTA (North American Free Trade Agreement) B) OPEC (Oil Producing and Exporting Countries) C) IMF (International Monetary Fund) D) Asian Development Bank