The equilibrium price is sometimes called the:

From the manager's perspective:

A) it is important to treat implicit costs as explicit in order to make sound strategic decisions. B) implicit costs are simply a theoretical construct and should be ignored in the decision-making process. C) only explicit costs matter because accounting profit is based on explicit costs. D) there is no difference between implicit and explicit costs. As such, treating implicit costs as explicit would result in double counting and an overstatement of total costs.

Compared to a tariff, an import quota, which restricts imports to the same amount as the tariff, will leave the country as a whole

A) worse off than a comparable tariff. B) not as bad off as a comparable tariff. C) about the same as a comparable tariff. D) Any of the above can be true.