The difference between price and average total cost is
a. a tax write off
b. total economic profit (or loss)
c. fixed cost
d. the profit (or loss) per unit of output
e. average variable cost
D
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What is the relationship among the current account, the financial account, and the balance of payments?
What will be an ideal response?
A business cycle is the
Normal profit is:
A. determined by subtracting implicit costs from total revenue. B. determined by subtracting explicit costs from total revenue. C. the return to the entrepreneur when economic profits are zero. D. the average profitability of an industry over the preceding 10 years.
Poorer countries started to develop economically when they
A. focused on domestic economic regulation. B. focused on becoming net traders. C. focused on becoming importers. D. figured out what the rest of the world wanted, and responded.