The definition of economic profit is
A. total revenues less fixed costs.
B. the difference between receipts from sales and cost of materials.
C. what is left over after all opportunity costs have been met including interest forgone.
D. gross profit less selling and operating expenses.
C. what is left over after all opportunity costs have been met including interest forgone.
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The demand curve of a monopolistically competitive firm
A) is downward-sloping because it must cut its price to sell more. B) is horizontal because the firm must cut its price to sell more. C) is perfectly elastic. D) is downward-sloping because it sells an identical product.
Currency devaluations help suppliers because they make exports ________ expensive
a. Less b. More c. All of the above d. None of the above