Veruca sells therapeutic bath salts on the Internet. Her annual revenue is $52,000 per year, the explicit costs of her business are $14,000, and the opportunity costs of her business are $17,000 per year. What is her accounting profit?
A) $14,000
B) $21,000
C) $31,000
D) $38,000
Answer: D
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In the short run, a firm will stay in business as long as:
a. price equals average revenue. b. marginal revenue is greater than or equal to marginal cost. c. price exceeds average variable cost. d. price is less than average variable cost.
Any increase in efficiency increases only profits of producers, with no increase in output.
Answer the following statement true (T) or false (F)
If incomes are rising, in the market for a normal good,
a. its price will rise and the quantity exchanged will rise. b. its price will rise and the quantity exchanged will fall. c. its price will fall and the quantity exchanged will rise. d. its price will fall and the quantity exchanged will fall.
Developing new products and services as well as introducing new production methods are among the ways that ________ increases average labor productivity.
A. an entrepreneur B. physical capital C. human capital D. a manager