The difference between a firm's total revenue and its total opportunity cost is the firm's
A) normal profit.
B) economic profit.
C) marginal profit.
D) marginal revenue.
B
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For any transaction, the sum of consumer surplus and producer surplus is cooperative surplus
Indicate whether the statement is true or false
What is the law of demand and how do we illustrate it?
What will be an ideal response?
Some studies show that even students who earned high grades in science classes accept disproven explanations for scientific phenomena. These disproven explanations had been acquired prior to the science classes. These studies provide some support for which of the following systematic mistakes that people make?
a. people are overconfident b. people give too much weight to a small number of vivid observations c. people are reluctant to change their minds d. All of the above are correct.
If the price level falls, the money demand curve will
a) shift to the right b) shift to the left c) become steeper d) become flatter e) none of the above