Economic profits are:
A. total revenue minus total opportunity cost.
B. marginal revenue minus marginal cost.
C. total revenue minus total cost.
D. total profits of the economy as a whole.
Answer: A
Economics
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What is human capital?
A. Immigrant labor B. Someone who operates heavy equipment C. Your professor's knowledge of the economy D. A car assembly line robot
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If demand is more elastic, the portion of an excise tax borne by a buyer will
a. increase. b. decrease. c. be unchanged. d. increase for normal goods, decrease for inferior goods.
Economics