An economist measures profit as:
A) total revenue minus opportunity costs
B) total revenue minus explicit costs
C) total revenue minus fixed costs and explicit costs
D) total revenue minus fixed costs and wages
Correct Answer:
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Q46: Those things that must be forgone to
Q47: Which of the following is an implicit
Q48: The goal of most firms in the
Q49: A firm's profit is equivalent to:
A)its total
Q50: Julia runs a home construction business and
Q52: Economists are primarily interested in:
A)the marginal cost
Q53: To an economist, the field of industrial
Q54: Total revenue equals:
A)total output multiplied by the
Q55: Opportunity costs are comprised of:
A)explicit costs
B)implicit costs
C)forgone
Q56: The amount of money that a firm
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