Harry's Hookahs incurs $700,000 per year in explicit costs and $500,000 in implicit costs. The company earns $1.4 million in revenues and has $3.7 million in net worth. Based on this information, what is the accounting profit for Harry's Hookas?
A) $200,000 B) $700,000 C) $900,000 D) $1.1 million
B
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Higher wages that compensate workers for unpleasant aspects of a job are called compensating differentials
Indicate whether the statement is true or false
Nash equilibrium is:
a. where one player maximizes his payoff and the other doesn't b. when each player's strategy is the best response to the other player's strategy c. where the outcome is always efficient d. difficult to determine
A bank provides:
A. liquidity; that is, access to cash when and where you want it. B. liquidity; that is, it connects buyers to sellers to ease saving and borrowing. C. risk diversification; that is, access to cash when and where you want it. D. risk diversification; that is, connecting buyers and sellers to ease saving and borrowing.
When comparing short-run average total cost with long-run average total cost at a given level of output,
a. short-run average total cost is typically above long-run average total cost. b. short-run average total cost is typically the same as long-run average total cost. c. short-run average total cost is typically below long-run average total cost. d. the relationship between short-run and long-run average total cost follows no clear pattern.