Jennifer owns a pig farm near Salina, Kansas. Last year she earned $39,000 in total revenue while incurring $38,000 in explicit costs. She could have earned $27,000 as a teacher in Salina. These are all her revenue and costs
Therefore Jennifer earned an A) accounting profit of $1,000 but incurred an economic loss of $26,000.
B) accounting profit of $1,000 but incurred an economic loss of $65,000.
C) accounting profit of $1,000 but incurred an economic loss of $38,000.
D) economic profit of $1,000.
E) None of the above answers is correct.
A
Economics
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Typically, the economy recovers fairly quickly from a recession. Why did this NOT happen in the United States during the Great Depression?
What will be an ideal response?
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A market in which the entire demand for a good or service can be satisfied at the least cost by a single firm is a:
A. horizontal market. B. natural monopoly. C. contestable market. D. perfect market.
Economics