Economic profits are
A) total revenue minus explicit costs.
B) total revenue minus implicit costs.
C) total revenue minus explicit and implicit costs.
D) total revenue minus accounting costs.
Answer: C
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What will be an ideal response?
The market process will likely fail to fully coordinate supply and demand if transaction costs are
A) non-existent. B) significant. C) locally perverse. D) inconsequential.
Temporary Assistance to Needy Families:
A. is an "unconditional" cash-transfer program B. is a conditional cash transfer program. C. is more redistributive in nature than social insurance. D. is provided long term to help people in chronic poverty.
One implication of human capital theory is that college graduates should earn substantially less than high school graduates
a. True b. False Indicate whether the statement is true or false