Accounting profit is total revenue minus total cost, including both explicit and implicit costs
Indicate whether the statement is true or false
false
You might also like to view...
What does the investment spending multiplier measure?
A) ?Y / ?I B) ?I / ?Y C) ?I + ?Y D) ?I * ?Y
Higher efficiency in the economy can be reached if prices are held low by law.
Answer the following statement true (T) or false (F)
A monopolist will
a. never produce at an output level where marginal revenue is positive b. never produce at an output level where marginal revenue is constant c. never produce at an output level where marginal revenue is negative d. never produce at an output level where marginal cost is positive e. ignore marginal revenue as long as average revenue is positive
The marginal physical product of labor is the
A) total output divided by the number of labor employed. B) wage that must be paid to labor. C) value of sales divided by additional labor used. D) change in output generated by a unit change in labor.