What is economic profit?
A) gross revenue minus explicit costs
B) gross revenue minus implicit costs
C) gross revenue minus explicit and implicit costs
D) the same as accounting profit
Answer: C
Economics
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What impact do the following have on the aggregate demand curve? Give suitable examples to support your answers
a. The Wealth Effect b. The Interest Rate Effect c. The Exchange Rate Effect
Economics
Unit excise taxes imposed on gasoline are
A) largely paid by the producers because gasoline is a necessity. B) largely paid by consumers because they are not very responsive to price changes. C) shared equally between the producer and the consumer. D) paid by the wholesalers of these products.
Economics