Total economic profit is
A) total revenue minus total opportunity cost.
B) total revenue divided by total cost.
C) marginal revenue minus marginal cost.
D) marginal revenue divided by marginal cost.
A
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What are the effects of fiscal policy during normal times? What are the effects of fiscal policy during abnormal times?
What will be an ideal response?
The theory of expected utility theory
A) predicts all actions involving uncertainty. B) predicts no actions involving uncertainty. C) predicts some, but not all, actions involving uncertainty. D) predicts only one in three actions involving uncertainty.
If an agricultural price support keeps a price above the equilibrium market price,
A. There will be redistribution of income from the government to consumers. B. More resources will be devoted to agriculture than are optimal. C. There will be positive market feedback leading to even higher prices. D. Shortages of agricultural products will result.
Suppose that your college offers you two payment plans. You may either pay tuition of $10,000 per year at the beginning of each of the next four years, or pay just $38,000 before the start of freshman year. If the interest rate is 10%, what would you do? If the interest rate were 2%, what would you do? Intuitively explain the difference in your answer
What will be an ideal response?