A firm's accounting profit is measured as
A) operating expenses minus revenue.
B) revenue minus operating expenses and taxes paid.
C) revenue plus operating expenses minus taxes paid.
D) net worth minus economic profit.
B
Economics
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In general, personal income taxes
A) rise automatically during a recession. B) rise automatically during an expansion. C) rise automatically during a contraction. D) are decreased during a recession through legislative actions of Congress.
Economics
If there is zero search cost, then in the presence of asymmetric information, competitive firms will
A) charge the monopoly price. B) charge the competitive price. C) charge zero price. D) shut down.
Economics