What is the struggle among various producers for the consumer's business called
What will be an ideal response?
Answer: competition
Economics
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Which of the following constrain (that is, limit) a firm's profits? I. its technology II. its information III. the market in which it operates
A) I only B) I and II C) II and III D) I, II and III
Economics
What is accounting profit?
A) gross revenue minus explicit costs B) gross revenue minus implicit costs C) gross revenue minus explicit and implicit costs D) the same as economic profit
Economics