Economic profit is defined as the difference between:
a. total revenue and total explicit cost.
b. total revenue and total implicit cost.
c. explicit costs and implicit costs.
d. total revenue and total costs, both explicit and implicit.
d
Economics
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________ regularly trade their own gain against others' lives
A) Corporations B) Governments C) Individual people D) all of the above
Economics
Which of the following would be classified as an innovation?
a. Edwin H. Land perfects the single-step photographic process in 1947. b. Polaroid markets the single-step film in 1948. c. Thomas Alva Edison perfects the incandescent lamp with carbon filament in 1879. d. In 1803, Robert Fulton constructs his first small steamboat in Paris.
Economics