A lawyer running his own business earns $18,000 in revenue monthly. He pays $8,000 as explicit costs including staff salary and utilities. He owns the office space so no rent is paid
The lawyer could work for other legal firms and earn $10,000 per month. His business profit is ________ and his economic profit is ________. A) $10,000, $10,000
B) $28,000, $10,000
C) $10,000, $0
D) $8,000, $0
C
Economics
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The head tax is regressive
a. True b. False Indicate whether the statement is true or false
Economics
Which of the following theories argues that people form the most accurate possible expectations about the future using all information available to them?
a. The theory of adaptive expectations b. The theory of rational expectations c. The theory of sticky wage d. The theory of absolute advantage
Economics