Sophia has a business using no owned capital and makes an accounting profit of $52,000 a year. Sophia could have worked for Verizon Wireless with a pay of $35,000 a year, but she would not have had time to run her business. The economic profit from Sophia's business per year is

The term ceteris paribus means that

a. everything is changing. b. all variables except those specified are constant. c. no one knows which variables will change and which will remain constant. d. the basic postulate of economics does not apply for the case being considered.

By law what goals are the Federal Reserve to pursue? What, if any, specific weights are given for these goals?