What is economic profit?
What will be an ideal response?
A firm's economic profit is its total revenue minus its total opportunity cost, which is the sum of explicit costs and implicit costs.
Economics
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If the four-firm concentration ratio of an industry is
A) near 100, the industry is considered very competitive. B) less than 40, the industry is considered an oligopoly. C) over 40, the industry is considered monopolistic competition. D) less than 40, the industry is considered monopolistic competition. E) close to 0, the industry is considered a monopoly.
Economics
Indirect incentive
What will be an ideal response?
Economics