If economic profits are zero
A) accounting profits is less than the cost of capital.
B) accounting profit is just covering the cost of capital.
C) the cost of capital is negative.
D) the entrepreneur should go to his/her next best alternative.
B
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The philosopher John Rawls argued that if people could make arrangements about how society would be organized before they were born that one of the principles that we would agree upon is that social and economic inequalities are to be arranged so
that they are to be of the greatest benefit to the least-advantaged members of society. What economic strategy sounds akin to this idea? Explain.
Workers can reduce the chance of an employer lying by
A) obtaining more information about the firm's performance. B) having a representative on the board of directors. C) requiring that employers share the cost of an economic downtown. D) All of the above.