Economic profits will take into account:
a. explicit costs but not implicit costs.
b. implicit costs but not explicit costs.
c. both implicit and explicit costs.
d. neither explicit nor implicit costs.
Question 2
Which of the following is not a reason for the wage differential between females and males?
a. The choice of major in college by females tends to be different than the choice by males.
b. The existence of employer prejudice leads to wage differential between males and females.
c. The number of males is usually greater than the number of females in the labor force.
d. Females bear the primary responsibility of childbearing.
e. Women accept lower wages for flexible and shorter working hours.
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A company that makes cell phones has the following cost structure. They have fixed costs of ...