Suppose the entrepreneur could earn $1,000 as an employee elsewhere.This means the economic profit is
A) -$925.
B) -$75.
C) -$1,000.
D) $0.
Correct Answer:
Verified
Q3: Greater-than-normal profit represents
A)Explicit costs minus implicit costs.
B)Payment
Q4: The best measure of the economic cost
Q6: Economic profit is
A)Greater than accounting profit by
Q9: Implicit costs
A) Include only payments to workers
Q9: Normal profit implies that
A)Economic profit must be
Q14: Profit
A)Is the difference between total revenue and
Q15: Economists assume the principal motivation of producers
Q16: Which of the following is the best
Q17: Accounting costs and economic costs differ because
A)Accounting
Q18: Which of the following should not be
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