Suppose your accountant told you that the economic profit you made last year was $50,000 . You would be pleased because the $50,000 represents your total revenue minus
a. implicit costs
b. monetary costs
c. explicit costs
d. both implicit costs and explicit costs
e. the difference between explicit and implicit costs
D
Economics
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If a country's currency depreciates, the country will experience a ________ in exports and a ________ in imports
A) rise; rise B) fall; fall C) rise; fall D) fall; rise
Economics
Refer to Figure 8.2. As the firm makes its long-run adjustment, which must be true?
A) It takes advantage of increasing returns to scale. B) It suffers from decreasing returns to scale. C) It takes advantage of increasing marginal product. D) It takes advantage of economies of scale. E) It takes advantage of diseconomies of scale.
Economics