Author Question: If business losses are the result of uncertainty in the real world, then A) business profits are ... (Read 51 times)

burton19126 · **on:** Jun 29, 2018

If business losses are the result of uncertainty in the real world, then

A) business profits are too.
B) profits must equal losses in the short run.
C) profits must equal losses in the long run.
D) losses could be eliminated if we could eliminate uncertainty in the real world, but profits will still remain.

Question 2

Which of the following is true?

A) Accounting profits = Revenues - Implicit costs - Explicit costs
B) Economic profits = Revenues - Explicit costs
C) Accounting profits = Revenues - Implicit costs
D) Economic profits = Accounting profits - Implicit costs