A firm's total profit can be calculated as all of the following except
A) total revenue minus total cost.
B) (price minus average total cost) times quantity sold.
C) average profit per unit times quantity sold.
D) marginal profit times quantity sold.
D
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Which of the following is true of earnings from land?
a. An increase in economic rent leads to an increase in the supply of land. b. A decrease in transfer earnings from land leads to an increase in its demand. c. An increase in economic rent does not lead to an increase in the supply of land. d. A decrease in transfer earnings from land leads to a decrease in its supply. e. An increase in economic rent raises the elasticity of supply of land.
Unproductive actions designed to increase income or wealth are known as:
a. transfer payments. b. incorporation. c. profit seeking. d. income search. e. rent seeking.