Economic profit equals:
A) total revenues minus fixed costs
B) total revenues minus opportunity costs
C) total revenues minus explicit costs
D) total revenues minus both explicit and opportunity costs
Correct Answer:
Verified
Q37: Profits are:
A) the value of production minus
Q38: A fixed input:
A) does not vary with
Q39: Constant returns output:
A) reflect scarcity
B) does not
Q40: Variable inputs:
A) cannot exist in the long
Q41: The railroad industry is an example of:
A)
Q43: Which is always true?
A) ATC>AVC
B) MC>AVC
C) MC>ATC
D)
Q44: Accounting profit equals:
A) total revenues minus explicit
Q45: The feedlot industry is an example of
Q46: To "think like an economist," decisions should
Q47: MC are defined as:
A) change in TC
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