In a Mexican factory, each worker can produce 1/8 of a vase or 1/16 of a statue per hour. If there are 400 workers at the factory, the maximum number of statues that could be produced in one hour is

The long-run aggregate supply curve is vertical

Indicate whether the statement is true or false

Distinguish between implicit and explicit costs and give examples of each. In addition, explain how explicit and implicit costs affect the distinction between economic profit and accounting profit

What explains the distinction between the two measures of profit?