The commercial banks on Sunny Island have checking deposits of $4 million, reserves of $600,000, and loans of $2.4 million. The desired reserve ratio is 10 percent. The banks have ________ of desired reserves and ________ of excess reserves

Which of the following is true?

A) Opportunity costs are the same as explicit costs. B) A firm's net income is the same as its accounting profit. C) If a firm's accounting profits are positive, its economic profits must also be positive. D) A firm's accounting profit is equal to its economic profit.

During the course of a week, McDonald's has enough time to hire or layoff workers, but it does not have enough time to expand its kitchen or add an additional seating area. In this situation, McDonald's:

a. has no fixed costs. b. is in the short run. c. suffers an economic loss. d. earns a large profit.