Economic profits will take into account:
a. explicit costs but not implicit costs.
b. implicit costs but not explicit costs.
c. both implicit and explicit costs

One example of an entrepreneur is:

a) a writer who is hired by a film studio to adapt a novel into a screenplay b) a lawyer in a high-profile law firm that specializes in business law c) an Olympic ice skater who later decides to join a professional ice show d) an artist who runs a business painting murals in office buildings and restaurants

A firm would decide to shut down if its production resulted in

A) AFC > AVC. B) MR < AVC. C) ATC > AVC. D) MR < ATC.