Pick the true statement
A) It is possible for economic profit to be greater than accounting profit.
B) Accounting profit includes both the implicit and explicit costs of production.
C) Accounting profit is always greater than economic profit.
D) None of the above is a true statement.
C
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What is meant by world price of a good? How do the domestic price and the world price of a good together determine whether a country will be an importer or exporter of a certain good?
What will be an ideal response?
The most appropriate level of government to provide public goods is:
A. dependent on the specific public good in question. B. local. C. state. D. federal.
the total change in spending =
What will be an ideal response?
Consumers maximize total utility within their budget constraint by
A) buying the cheapest goods they can find. B) buying whatever they like the best. C) buying the goods with the largest marginal utility per dollar spent. D) spending the same dollar amount for each good.