In the long-run the firm gets to choose which short-run curve it wants to use.
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Q31: Accounting profits are calculated based upon:
A) explicit
Q32: There are two types of costs associated
Q33: An example of an implicit cost of
Q34: Economic profits will take into account:
A) explicit
Q35: An implicit cost:
A) is an opportunity cost.
B)
Q37: Economists normally assume that the goal of
Q38: An economic profit of zero implies:
A) normal
Q39: When a firm makes zero economic profit,it
Q40: An example of an explicit cost of
Q41: The short run is that period in
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