Accounting profit equals
a. explicit costs minus implicit costs
b. economic profit minus implicit costs
c. economic profit minus explicit costs
d. economic profit minus explicit costs and implicit costs
e. economic profit plus implicit costs
E
Economics
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Patents are a source of:
A) legal market power. B) natural market power. C) regulated market power. D) firm-biased market power.
Economics
Which of the following examples would most likely involve a person earning minimum wage?
a. Fifty-year-old Koki works as marketing specialist for 20 years. b. Twenty-year-old Catherine works as an office assistant for a large corporation. c. Fifteen-year-old Sean works as a caddy while his parents earn $100,000 a year. d. Thirty-year-old Tamar works in a factory while her husband teaches high school.
Economics