The difference between the economic and accounting costs of a firm are
A) the accountant's fees.
B) the corporate taxes on profits .
C) the opportunity costs of the factors of production that the firm owns.
D) the sunk costs incurred by the firm.
E) the explicit costs of the firm.
C
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The capricious universe view indicates that:
A. in the long run, "acts of God" have contained population growth and thus contributed to economic development. B. DVCs will obtain biological and chemical weapons and force the redistribution of world wealth. C. there is little or no correlation between one's efforts and the rewards he or she receives. D. international and civil wars have been the primary impediment to growth.
If a 10 percent increase in the price of one good results in no change in the quantity demanded of another good, then it can be concluded that the two goods are:
A. Complementary goods B. Substitute goods C. Independent goods D. Normal goods