Economic profit is defined as
a. total revenue minus implicit costs
b. total revenue plus explicit costs
c. total revenue plus implicit costs
d. wages plus interest minus rent
e. total revenue minus implicit and explicit costs
E
Economics
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Unequal incomes arise from
a. discrimination. b. luck. c. different schooling. d. all of the above factors.
Economics
Bill attends a local basketball game. The teams are very unbalanced, the play is bad, and the score quickly reaches 36-2. At halftime, Bill realizes he's having no fun, leaves the game, and goes home. Bill's behavior is NOT determined by
A. economic logic. B. sunk costs. C. utility maximization. D. None of these is true.
Economics