An economist left her $100,000-a-year teaching position to work full-time in her own consulting business. In the first year, she had total revenue of $200,000 and business expenses of $100,000 . She made a(n):
a. economic profit.
b. economic loss.
c. implicit profit.
d. accounting loss but not an economic loss.
e. zero economic profit.
e
Economics
You might also like to view...
In response to an unanticipated tightening of monetary policy, output ________ at first, then ________ after about four months
A) rises; returns most of the way to its original value B) falls; returns most of the way to its original value C) remains roughly unchanged; rises significantly D) remains roughly unchanged; falls significantly
Economics
When a firm cheats in a cartel, it assumes that: a. other firms will also change their output. b. other firms will not change their output. c. the price of the good will not change
d. the price of the good will change.
Economics