Economic profit is ________
A) included in the firm's total opportunity cost
B) equal to normal profit minus total opportunity cost
C) equal to total revenue minus marginal cost
D) equal to total revenue minus total opportunity cost
D
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As an alternative to pairwise majority voting, each voter could be asked to rank the possible outcomes, giving 1 point to her lowest choice, 2 points to her second-lowest choice, 3 points to her third-lowest choice, and so on. This voting method is called a(n)
a. median vote. b. pairwise minority vote. c. Borda count. d. Arrow count.
The Monetarist transmission mechanism through which monetary policy affects the price level, real GDP, and employment depends on the:
a. indirect impact of changes on profit expectations. b. direct impact of changes in the money supply on aggregate demand. c. direct impact of changes in fiscal policy on aggregate demand. d. indirect impact of changes on the interest rate.
Refer to the diagrams. The profit-maximizing firm's total wage cost:
A. is 0abc.
B. is 0Wbc.
C. is Wab.
D. cannot be determined.
An increase in demand and a decrease in supply will lead to an
A) unambiguous increases in both price and quantity. B) unambiguous decreases in both price and quantity. C) an unambiguous increase in quantity, but the effect on price is indeterminate. D) an unambiguous increase in price, but the effect on quantity is indeterminate.