Accounting profit is equal to:
A. total revenue minus explicit costs.
B. total revenue minus implicit costs.
C. total revenue minus explicit and implicit costs.
D. economic profit minus implicit costs.
Answer: A
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If a firm faces an average total cost of $100 and sells its product for $115, how much profit does it make when it sells 20 units of the product?
A) $200 B) $115 C) $300 D) $800
One determinant of the natural rate of unemployment is the
a. rate of growth of the money supply. b. minimum wage rate. c. expected inflation rate. d. All of the above are correct.
Vehicle manufacturers start getting lower prices for their trucks. As a result, their willingness to supply ______ is likely to increase.
a. airplanes b. SUVs c. cell phones d. refrigerators
In the long run, if we ignore changes in velocity, inflation will:
A. equal money growth plus the growth in potential output. B. equal money growth less the growth in potential output. C. equal the rate of money growth. D. be zero.