How does the economist's measure of profit differ from the accountant's measure?
A) Economists subtract total revenue from total cost; accountants do the opposite.
B) Economists subtract total costs from total revenue; accountants do the opposite.
C) Economists consider more sources of monetary revenue than accountants do.
D) Economists include all opportunity costs, accountants don't.
E) There is no difference between the two measures.
D
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Indicate whether the statement is true or false
The number of people willing to buy tickets to the Super Bowl is invariably greater than the number of tickets (and seats) available. This is evidence that the price of the tickets is
a. higher than the equilibrium price. b. equal to the equilibrium price since the number of tickets bought equals the number sold. c. lower than the equilibrium price. d. higher than the equilibrium price when the demand is inelastic but lower when the demand is elastic.