A normal profit is defined as
A) total revenue minus explicit costs.
B) the same thing as accounting profit.
C) the return to entrepreneurshi
C
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In the figure above, the shift in the supply curve for U.S. dollars from S0 to S1 could occur when
A) the U.S. interest rate rises. B) foreign interest rates rise. C) the expected future exchange rate falls. D) the current exchange rate rises.
The legislature is at a bargaining disadvantage because it receives most, if not all, of its information about the bureaucracy from the bureaucracy
a. True b. False
If Adam's Rib Joint took in $35,000 in revenue last week and had out-of-pocket expenses of $31,500:
a. it is clear that Adam made an economic profit of $3,500 b. Adam really didn't make any economic profit since he needs to put the difference between revenue and out-of-pocket expenses back into the firm. c. Adam clearly did not earn an economic profit. d. it is not clear whether Adam earned any economic profit last week because it depends on the magnitude of the implicit costs.
The percent change in the quantity of one commodity demanded divided by the percent change in the price of another commodity is the
a. price elasticity of demand b. price elasticity of supply c. income elasticity of demand d. income elasticity of supply e. cross-price elasticity of demand