Economic profit is
A) total revenue × (explicit costs - implicit costs).
B) total revenue - (explicit costs - implicit costs).
C) total revenue + (explicit costs + implicit costs).
D) total revenue - (explicit costs + implicit costs).
Answer: D
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Indicate whether the statement is true or false
The "short run" may vary in length from industry to industry
a. True b. False
Who believed that people had transactional, precautionary, and speculative motives for holding money?
A. John Maynard Keynes and the classical economists B. Neither John Maynard Keynes nor the classical economists C. The classical economists, but not John Maynard Keynes D. John Maynard Keynes, but not the classical economists
Use the above figure. When the price increases from $2 to $10, the absolute price elasticity of demand is
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