The difference between accounting profit and economic profit relates to
a. the manner in which revenues are defined.
b. how marginal revenue is calculated.
c. the manner in which costs are defined.
d. the price of the good in the market.
c
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Which of the following summarizes the feedback loop discussed in the video?
A. As the money supply increased, real GDP decreased, which caused the money supply to increase even faster, and so on. B. As the money supply increased, prices rose, which caused the money supply to increase even faster, and so on. C. As prices rose faster, the government had to print even more money, which caused prices to rise even faster, and so on. D. As prices rose faster, real GDP increased, which caused prices to rise even faster, and so on.
A technological improvement lowers the cost of producing corn. As a result, the price of a pound of corn ____ and the quantity of corn ____. Question 13 options:
A. falls; increases B. falls; does not change C. falls; decreases D. rises; decreases E. rises; increases