Economic profit is defined as
a. price minus the sum of average fixed and marginal cost
b. total revenue minus total implicit cost
c. total revenue minus the average total cost
d. total revenue minus the sum of implicit and explicit costs
e. consumer surplus minus total explicit cost
D
Economics
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In the U.S. in 2012 the percentage of the Americans living below the poverty line was about
A) 15 percent. B) 20 percent. C) 5 percent. D) 27 percent.
Economics
The market demand for wheat is Q = 100 - 2p + 1 , where is the price of barley. The cross price elasticity of demand for wheat with respect to barley
A) cannot be calculated from just the information provided. B) is negative. C) suggests that wheat and barley are complements. D) equals 1.
Economics