Which of the following is true?
A) Accounting profits = Revenues - Implicit costs - Explicit costs
B) Economic profits = Revenues - Explicit costs
C) Accounting profits = Revenues - Implicit costs
D) Economic profits = Accounting profits - Implicit costs
D
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According to the text, the AT&T corporation was deregulated primarily by
a. requiring that competing companies have access to AT&T's facilities b. declaring AT&T the legitimate monopoly of telephone service in the United States c. creating a special Telephone Advisory Commission d. ending all government regulations regarding the domestic telephone industry e. requiring AT&T to share patents with competitors
If Iceland can produce fish with fewer resources than Greenland, we have evidence of
a. specialization b. geographic advantage c. comparative advantage d. absolute advantage e. free trade