What is meant by the term economic profits?
a. total revenues minus explicit and implicit costs
b. total revenues plus implicit and explicit costs
c. average total costs minus total implicit costs
d. total explicit costs minus total revenues
a. total revenues minus explicit and implicit costs
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Which of the following best describes a deliberate government decision to lower the exchange rate, E?
A) appreciation B) depreciation C) revaluation D) devaluation E) accumulation
Suppose that 20,000 tickets were sold at $120 for an NBA game at Madison Square Garden in New York. The game was sold out and some fans could not get tickets. This suggests that
A) selling price was below equilibrium price. B) selling price was above equilibrium price. C) selling price was at equilibrium. D) the game was advertised too heavily.