Typically a firm's economic profit will be
A) greater than its accounting profit.
B) less than its accounting profit.
C) equal to its accounting profit.
D) equal to its accounting profit minus its tax liability.
E) equal to its accounting profit plus the market value of any unsold inventory.
B
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The more elastic is the demand for the good, the
a. more elastic will be the demand for the resources used to produce the good b. less elastic will be the demand for the resources used to produce the good c. less effect any given wage rate increase will have on employment d. higher the wage rate increase the union can achieve without causing unemployment e. more elastic will be the supply of resources used to produce this product
Jane owns a pizza joint. In the month of February, she sold 310 medium-base pizzas and 207 large-base pizzas. She charges $9 for a medium-base pizza and $12 for a large-base pizza. The total revenue earned by Jane in February is: a. $5,210
b. $4,284. c. $5,274. d. $10,857.