An economist's measurement of profit differs from an accountant's in that:
a. accountants calculate total revenue differently than do economists
b. economists do not always include all of the opportunity costs when calculating total production costs.
c. accountants do not always include all of the opportunity costs when calculating total production costs.
d. economic profit generally exceeds accounting profit.
c
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What monetary policy should be implemented to correct an inflationary economy?
(A) Easy monetary policy (B) Money creation policy (C) Tight monetary policy (D) Laissez faire policy
The decision rule for constrained optimization is to select the level for each activity at which
A. total benefit per dollar of total cost is equal across all activities. B. marginal benefit equals marginal cost for each activity. C. total benefit equals total cost for each activity. D. marginal benefit per dollar of marginal cost is equal across all activities.