A normal profit is
A) revenues minus opportunity cost of zero.
B) revenues minus accounting cost of zero.
C) a zero accounting profit.
D) revenues minus accounting and opportunity cost of zero.
D
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All else constant, an increase in the price of labor would cause the total amount of output that can be produced with a fixed amount of spending to ________. This would result in a movement to a ________ isoquant
A) increase; lower B) increase; higher C) decrease; lower D) decrease; higher
Jim's Hardware Supply has theft insurance. Jim also has an alarm system. The alarm system has just recently malfunctioned. If Jim has the alarm system repaired, it will cost him $100. The probability of a theft occurring is p = 0.0001
If a theft occurs and there is no alarm system, the value of stolen materials will be $125,000. However, Jim's insurance will compensate him fully for the loss. No thefts will occur if the alarm system is in place. What is the expected cost to Jim of repairing the alarm system? What is the expected cost to society of not repairing the alarm system?
A preferred provider organization (PPO) is: a. an organization that contracts with physicians, medical facilities, employers, and individuals to provide medical care to a group of individuals. b. a network of doctors who agree to provide services to a health plan's enrollees at discounted fees
c. a not-for-profit hospital network. d. a structure that utilizes traditional insurance plans.
In the economy of Talikastan in 2015, exports were $200, GDP was $2000, government purchases were $200, imports were $270, and investment was $500 . What was Talikastan's consumption in 2015?
a. $830 b. $1230 c. $1370 d. $1770