Multiple Choice
Suppose a firm sells its product at a price lower than the opportunity cost of the inputs used to produce it. Which is true?
A) The firm will earn accounting and economic profits.
B) The firm will face accounting and economic losses.
C) The firm will face an accounting loss, but earn economic profits.
D) The firm may earn accounting profits, but will face economic losses.
Correct Answer:
Verified
Correct Answer:
Verified
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Q3: The short run is a time period
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Q5: In the 19th century _ argued that
Q6: Implicit costs are:<br>A)Equal to total fixed costs.<br>B)Comprised
Q8: _ is distinctive for much greater use
Q9: A market:<br>A)Necessarily refers to a meeting place
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Q12: In the classical system, the basic economic