Suppose your accountant told you that the $50,000 you made last year was your normal profit. When you asked him what your accounting profit was he replied that it was precisely the same as your normal profit. You wouldn't have to ask what your economic profit was because you know it must be
a. 0
b. $50,000
c. $100,000
d. $50,000 loss
e. $100,000 loss
A
Economics
You might also like to view...
Why does investment spending rise and fall with the overall level of GDP in the economy?
What will be an ideal response?
Economics
Which of the Fed's instruments is most frequently used?
A) Changing reserve requirements B) Open-market operations C) Changing the discount rate D) Changing margin requirements for the stock market
Economics