The difference between economic profit and accounting profit is that economic profit is calculated based on both implicit and explicit costs whereas accounting profit is calculated based on explicit costs only
a. True
b. False
Indicate whether the statement is true or false
True
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When Ronald takes another economics class, other people in society benefit. The benefit to these other people is called the marginal ________ benefit of the class
A) social B) private C) external D) Coasian E) extra
If supply and demand both simultaneously increase
A) the market clearing price definitely rises, and the equilibrium quantity definitely falls. B) the market clearing price definitely rises, and the effect on the equilibrium quantity is indeterminate. C) the market clearing price definitely falls, and the effect on the equilibrium quantity is indeterminate. D) the effect on the market clearing price is indeterminate, and the equilibrium quantity definitely rises.