As a business type, corporations ________ in the United States
A) are subject to the least amount of taxes B) earn the majority of profits
C) are the least common D) are the most common
B
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If AC > p where MR = MC
A) firms earn positive profits and new firms will enter. B) firms earn negative profits and existing firms will leave. C) firms earn zero profits and new firms will not enter and no existing firms will leave. D) None of the above.
A person starts her own business. She quits her $40,000 a year job, rents an office for $15,000 a year, pays wages and salaries of $50,000 a year, utilities of $4,000 a year, and materials of $20,000
She uses her own car for sales work rather than leasing an equivalent car for $6000 a year. If revenues are $140,000, her accounting profit and economic profit are respectively A) $45,000 and $11,000. B) $45,000 and $5000. C) $51,000 and $5000. D) $51,000 and $45,000.