Which of the following is not true with regard to economic profit?
a. economic profit equals total revenue minus total cost
b. economic profit excludes implicit cost
c. economic profit is any profit greater than a normal profit
d. firms attempt to maximize economic profit
e. long-run economic profit is always zero in perfect competition
B
Economics
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In setting their prices, price searcher firms ignore
A) demand. B) marginal cost. C) the prices of competitors. D) all of the above. E) none of the above.
Economics
The average total cost curves for Plant 1, ATC0, and Plant 2, ATC1, are shown in the figure above. The long-run average cost curve goes through points
A) C, D, G. B) A, C, E. C) A, B, D, G. D) A, B, D, E, F.
Economics