Multiple Choice
Which of the following definitions is correct?
A) Economic costs + accounting costs = Profit.
B) Economic profit = accounting profit - implicit costs.
C) Economic profit - implicit costs = accounting profits.
D) Economic costs + explicit costs + implicit costs.
Correct Answer:
Verified
Correct Answer:
Verified
Q80: Table 5.2-Jeans Production <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5714/.jpg" alt="Table 5.2-Jeans
Q81: The reason the average total cost curve
Q82: Distinguish between explicit and implicit costs and
Q83: A firm's rising factor costs can be
Q84: Economic costs are greater than accounting costs:<br>A)
Q86: Land,labor,capital and entrepreneurship are called:<br>A) Factors of
Q87: Marginal cost is equal to the change
Q88: The law of diminishing returns means that:<br>A)
Q89: Table 5.1-Labor and output data <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5714/.jpg"
Q90: Investment decisions are long-run decisions.