An economic profit of zero implies:
a. normal profit
b. the firm is covering both explicit and implicit costs.
c. the firm's revenues are sufficient to compensate the money and time that the owners put into the business.
d. all of the above
d
Economics
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According to the "law of demand"
A) demand generates a supply sufficient to satisfy the demand. B) nothing will be produced unless there is a demand for it. C) people will purchase less of a good when its price rises. D) wants are indefinitely expansible and can never be fully satisfied. E) whatever people want will eventually be supplied.
Economics
The principal objective of the WTO is to
Economics