Suppose that during a given time period the implicit cost for a business was $1,000 and that the explicit cost was $5,000. Also suppose that the firm sold 1,000 units of its products at $5 per item. We can conclude that the firm's
A) accounting profit was $5,000, and its economic profit was $0.
B) accounting and economic profits were both $0.
C) accounting profit was $0, and economic profit was $1,000.
D) accounting profit was $0, and economic profit was -$1,000.
D
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________ account(s) for between 1 and 4 percent of health care costs in the United States
A) The aging population B) Uninsured patients receiving treatments at hospital emergency rooms that could have been provided less expensively at doctor's offices C) The payments to settle malpractice lawsuits and the premiums doctors pay for malpractice insurance D) Advances in medical technology
Straight-line production-possibility curves indicate that the opportunity cost of producing additional units of each good is constant.
Answer the following statement true (T) or false (F)