Economic profit is the difference between a firm's revenue and its opportunity costs
Indicate whether the statement is true or false
TRUE
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Economic costs of production differ from accounting costs in that
A) economic costs include expenditures for hired resources while accounting costs do not. B) accounting costs are always larger than economic cost. C) accounting costs include expenditures for hired resources while economic costs do not. D) economic costs add the opportunity costs of a firm using its own resources while accounting costs do not.
If the geography hypothesis holds, then:
A) poorer countries are permanently disadvantaged. B) living standards in poorer countries can be substantially improved. C) poorer countries are likely to catch up with richer countries very fast. D) cultural beliefs can be considered to be an important source of economic prosperity.
Bobby's neighbor is growing a tree that is blocking Bobby's ocean view. Bobby is considering taking his neighbor to court. This is most likely an example of a:
a. considerate neighbor. b. public good. c. free rider. d. positive externality. e. negative externality.
The influence of agricultural technologies on farm land in the United States has been
a. very little up until now. b. substantial, as greater productivity per acre reduced the need for farmland. c. substantial; the productivity of much farm land has been destroyed by new technologies and may never be useful again. d. to make farmland less productive over time as the minerals In the soil are used up.