Inside information
A. applies to proprietorships and partnerships only.
B. applies to all forms of business.
C. applies to proprietorships only.
D. applies to corporations only.
Answer: D
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If the production of a good involves positive externalities, ________
A) the market price of the good is higher than its optimal price B) the market price of the good is lower than its optimal price C) the average cost of production of the good in the long run is zero D) the variable cost of production of the good is zero
Accounting profits are typically
A) greater than economic profits because accounting profits do not include explicit costs. B) greater than economic profits because accounting profits do not include implicit costs. C) smaller than economic profits because accounting profits do not include explicit costs. D) equal to economic profits in the long run.