Multiple Choice
A firm's total explicit costs are $1,000. Its total implicit costs are $500, and it has a total revenue of $1500. This firm receives
A) an accounting profit only.
B) an economic profit only.
C) both an economic profit and an accounting profit.
D) neither an economic profit nor an accounting profit.
Correct Answer:
Verified
Related Questions
Q246: When a firm is at its short-run
Q251: In the short run, in a perfectly
Q256: The owner of a perfectly competitive firm