Pick the true statement
A) It is possible for economic profit to be greater than accounting profit.
B) Accounting profit includes both the implicit and explicit costs of production.
C) Accounting profit is always greater than economic profit.
D) None of the above is a true statement.
C
Economics
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Artificially scarce goods are both:
a. excludable and rival in consumption. b. nonexcludable and nonrival in consumption. c. excludable and nonrival in consumption. d. nonexcludable and rival in consumption.
Economics
Jason is a Web page designer. He estimates that this summer, he has a 0.6 probability of making $10,000 and a 0.4 probability of making only $2,000. What is Jason's expected income this summer?
A) $12,000 B) $6,800 C) $6,000 D) $10,000
Economics