Which of the following best describes a deliberate government decision to lower the exchange rate, E?

According to economic theory, profits are maximized where

A) total revenue equals total cost. B) marginal revenue equals marginal cost. C) price and average cost are equal. D) where marginal product and average cost are equal.

Which of the following equations is CORRECT?

A) accounting profit = total revenue - (explicit costs + implicit costs) B) normal profit = accounting profit + economic profit C) economic profit = accounting profit - implicit costs D) economic profit = accounting profit - explicit costs