Total profit is equal to
a. total revenue minus total cost.
b. total revenue minus explicit cost.
c. total revenue minus variable cost.
d. total revenue minus marginal cost.
a. total revenue minus total cost.
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Refer to the Article Summary. Implementing a negative interest rate policy, as was advocated by the president of the Federal Reserve Bank of Minneapolis, would be designed to ________ the price level and ________ real GDP
A) increase; decrease B) increase; increase C) decrease; decrease D) decrease; increase
According to the rational expectations theory, when the economy is at its long-run equilibrium output level, fully anticipated fiscal and monetary policies will affect the unemployment rate but not the inflation rate
a. True b. False Indicate whether the statement is true or false
If aggregate demand and aggregate supply both shift right, we can be sure that the price level is higher in the short run
a. True b. False Indicate whether the statement is true or false
Government officials deciding the distribution of all resources is a feature of a
a. mixed economy b. market economy c. command economy d. traditional economy