To obtain economic profits we start with accounting profits and subtract ___________.
Fill in the blank(s) with the appropriate word(s).
economic costs or implicit costs
You might also like to view...
In the unemployment rate, part-time workers are: a. not included in the labor force
b. included in the labor force, but counted as unemployed. c. treated the same way as discouraged workers. d. included in the labor force and counted as employed.
The labor demand curve slopes
a. upward to illustrate that the more productive the worker, the higher the real wage the employer is willing to pay that worker b. upward to illustrate that the higher the wage rate, the fewer workers are demanded c. upward or downward in direct proportion to the rate of inflation d. downward to illustrate that the lower the real wage, the more workers employers are willing to hire e. downward to illustrate that the availability of workers is directly proportional to the real wage