A buyer is willing to buy a product at a price greater than or equal to his willingness to pay, but would refuse to buy a product at a price less than his willingness to pay

If a firm has total revenue of $200 million, explicit costs of $190 million, and implicit costs of $30 million, its economic profit is:

a. $200 million. b. $70 million. c. $10 million. d. ?$10 million. e. ?$20 million.

Which of the following protects people from incompetent or unscrupulous producers?

A) the Federal Register B) social regulation C) the market share test D) economic regulation