Accounting profit is defined as
a. total revenue minus opportunity cost
b. total revenue minus all costs of production
c. total revenue minus explicit costs
d. the sum of marginal revenues received from all units produced
e. the difference between marginal revenue and marginal cost
C
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For most of the 19th century in the American West, there was
A. an abundance of labor relative to land. B. abundance of land relative to labor. C. an abundance of both labor and land. D. a scarcity of both labor and land.
The primary method for controlling the money supply in the United States is to limit the
A. Amount of currency that is printed. B. Amount of money that is spent by changing income transfers. C. Amount of money that is spent by changing tax policy. D. Volume of loans the banking system can make.