Zipco's accounting profit is equal to its
a. total revenue minus opportunity costs
b. total revenue plus opportunity costs
c. total revenue minus imputed costs
d. total revenue minus explicit costs
e. total revenue minus explicit and implicit costs
D
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If a tariff of $10 has no effect on the world price, the optimal tariff on that product
A) is $10. B) is zero. C) is higher than $10. D) depends upon the amount of government revenue collected.
This question concerns the mechanism of a reserve currency standard. Two countries, X and Y, have two currencies, x and y, fixed to the reserve currency, the U.S. dollar. Suppose the exchange rate between x and the U.S. dollar is 3x per dollar
Suppose the exchange rate between y and the U.S. dollar is 5y per dollar. Explain (using numbers) the mechanism if the x-y exchange rate was 0.5 x per y.