The behavior of firms is best understood by focusing on
a. money profit
b. economic profit
c. accounting profit
d. economic profit minus implicit costs
e. money profit minus explicit costs
B
Economics
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A period in which real GDP in the economy declines for at least six months is referred to as
A) a recession. B) living standards. C) long term growth. D) a positive fluctuation.
Economics
Demand for products such as insulin, cancer drugs, and tobacco is usually inelastic.
a. true b. false
Economics