Implicit and explicit revenues minus implicit and explicit costs equals:
A. zero profit.
B. accounting profit.
C. implicit profit.
D. economic profit.
Answer: D
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What will be an ideal response?
Special interests are likely to have less influence over tax reform _____
a. when the reform is small b. when the reform is comprehensive c. when the reform is at the local level d. when the reform is at the state level
For all types of goods that are not private goods, the market fails to allocate resources efficiently because _________________
Fill in the blank(s) with correct word
Because resources are limited:
A. only the very wealthy can get everything they want. B. firms will be forced out of business. C. the availability of goods will be limited but the availability of services will not. D. people must make choices.