An economist left his $100,000-a-year teaching position to work full-time in his own consulting business. In the first year, he had total revenue of $200,000 and business expenses of $150,000 . He made a(n):
a. implicit profit.
b. economic loss.
c. economic profit.
d. accounting loss but not an economic loss.
e. zero economic profit.
b
Economics
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Small? percentage-point differences in growth rates lead to _______ differences in per capita real GDP over time.
Fill in the blank(s) with the appropriate word(s).
Economics
The marginal factor cost of a monopsonist is
A. upward sloping and rises faster than the supply curve. B. downward sloping when the supply curve of labor is upward sloping. C. horizontal. D. upward sloping and the same as the supply curve.
Economics