Economic profits are calculated as:
A. total revenue minus implicit costs.
B. total revenue minus all opportunity costs, explicit and implicit.
C. total revenue minus explicit costs.
D. None of these is true.
Answer: B
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Production data for Joe's Pizza Parlor are as follows. For simplicity assume that labor is the only input. Each pizza sells for $5. Number of WorkersPizzas Baked Per Day00110218324430532How many workers will Joe hire if he must pay each one $35 a day?
A. 1 B. 2 C. 3 D. 4
There is a growing market for buying and selling information about the online behavior of consumers. Most people use one of only a small number of search engines (such as Google, Bing, or Yahoo!) when surfing the net
It has been hard for new search engines to gain any market share. The market for search is best considered as A) perfectly competitive. B) oligopoly. C) monopolistically competitive. D) monopoly.
You are closely following the elections in your country this year
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The police powers of the government include
(a) price fixing. (b) licensing. (c) inspection. (d) all of the above.