The difference between accounting profit and economic profit relates to
a. the manner in which revenues are defined.
b. how marginal revenue is calculated.
c. the manner in which costs are defined.
d. the price of the good in the market.
c
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What is the "store of value" function of money?
a. A common measurement of the relative value of different goods and services. b. The ability of money to hold value over time c. The quality of money not to be hoarded because of its commodity value. d. The function of money to be widely accepted I exchange for goods and services.
Which of the following countries has the second highest population in the world?
A) Indonesia B) Russia C) India D) China
Why would farmland closer to the limits of a city be worth more than farmland farther out?
What will be an ideal response?
If demand is represented as Qd = 20 - 3P and supply is represented as Qs = 4 + 5P, the equilibrium quantity is
A. 2. B. 3. C. 7. D. 14.