Accounting profit is equal to
a. marginal revenue minus marginal cost.
b. total revenue minus the explicit cost of producing goods and services.
c. total revenue minus the opportunity cost of producing goods and services.
d. average revenue minus the average cost of producing the last unit of a good or service.
b
Economics
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Until the Uruguay Round of trade negotiations, which of the following sectors were NOT included in the rules for international trade?
A) Steel and agriculture B) Automobiles and electronics C) Agriculture and apparel D) Steel and textiles E) Automobiles and agriculture
Economics
Explain why economists consider it to be one of the economic functions of government to provide a legal system
What will be an ideal response?
Economics