On a bar graph comparing a firm's economic profit with its accounting profit, it will always be TRUE that
A) explicit costs will be greater in the column representing accounting profit.
B) explicit costs will be greater in the column representing economic profit.
C) total revenue will be greater in the column depicting accounting profit.
D) opportunity costs will be missing from the column depicting accounting profit.
D
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When countries specialize in what they do efficiently and trade, the material wealth of nations
A) expands. B) contracts C) remains the same. D) Need more information to answer this question.
If the total cost of producing one unit of the output is $100 and the marginal cost of that unit is $20, the average fixed cost of producing two units of output is ________
Fill in the blank(s) with correct word
Other things equal, the supply of labor will be greater to a job that
a. requires advanced education and training b. requires most working hours be on weekends c. requires hard physical labor d. allows the employee greater discretion in the use of time e. has a higher probability of injury or death
In terms of purchasing power, the real minimum wage has ________ since 1997.
A. fallen B. stayed the same C. risen