Which of the following conditions must hold to ensure that profits are, in fact, at a maximum?

Which of the following statements is true? a. Economic profits ignore implicit costs

b. Economic profits include implicit costs. c. Accounting profits include all of the opportunity costs. d. Economists consider sunk costs in their decision making.

Which of the following is not a function of the Fed?

A) to provide check-clearing services B) to hold depository institutions' reserves C) to serve as the government's banker D) to serve as the borrower of last resort E) none of the above