Total revenue minus only implicit costs is called
a. accounting profit.
b. economic profit.
c. opportunity cost.
d. None of the above is correct.
d
Economics
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Gabriel operates a ranch in Idaho where he raises cattle and grows potatoes. The figure above illustrates his production possibilities frontier. What is Gabriel's opportunity cost of growing another ton of potatoes?
A) 0 cows B) 1 ton of potatoes C) 80 cows D) 400 cows E) 100 cows
Economics
In 2014, the largest exporter in the world was
A) Japan. B) the United States. C) Germany. D) China.
Economics