Using the data in the above table, if the firm employs 3 workers, total product (measured in units per day) and average product and marginal product of the third worker (measured in units per worker) are

Economic profit is:

a. total revenues minus variable costs. b. total revenues minus private costs. c. total revenues minus explicit costs. d. total revenues minus total costs.

Impersonal market forces synchronize the personal and independent decisions of many individual buyers and sellers to achieve equilibrium price and quantity

Indicate whether the statement is true or false