Which type of profit takes into consideration both implicit and explicit costs?

Refer to Figure 7-2. The efficient equilibrium price is

A) $60. B) $50. C) $40. D) < $40.

GDP during a period can be calculated by summing either

a. the purchases of domestically produced final goods and services or the cost incurred in the production of those goods. b. the amount received by business firms for consumer goods and services or the spending of business firms on investment goods and services. c. all household expenditures on final goods and services or all business purchases of factors of production. d. sales of goods and services to foreigners or the purchase of goods and services from foreigners