Economic profit is equal to
a. total revenue minus the explicit cost of producing goods and services.
b. total revenue minus the implicit cost of producing goods and services.
c. total revenue minus the opportunity cost of producing goods and services.
d. average revenue minus the average cost of producing the last unit of a good or service.
e. total revenue minus depreciation.
c. total revenue minus the opportunity cost of producing goods and services.
You might also like to view...
Which of the following best states economists' understanding of the facts concerning the relationship between natural resources and economic growth?
a. A country with no or few domestic natural resources is destined to be poor. b. Differences in natural resources have virtually no role in explaining differences in standards of living. c. Some countries can be rich mostly because of their natural resources and countries without natural resources need not be poor, but can never have very high standards of living. d. Abundant domestic natural resources may help make a country rich, but even countries with few natural resources can have high standards of living.
The number of people willing to buy tickets to the Super Bowl is invariable greater than the number of tickets (and seats) available. This is evidence that the price of the tickets is
What will be an ideal response?
Who said, "Property is the exploitation of the weak by the strong. Communism is the exploitation of the strong by the weak".
A. Adam Smith B. Seymour Melman C. Studs Terkel D. Pierre-Joseph Proudhon
An economy that has interactions in trade or finance with other economies is referred to as
A) a closed economy. B) a net foreign investment economy. C) a trade-balanced economy. D) an open economy.