Tommy's Teddy Bears incurs 300,000 per year in explicit costs and 50,000 in implicit costs. The shop earns 600,000 in revenues and has 1.1 million in net worth. Based on this information, what is accounting profit for Tommy's Teddy Bears?
A) 250,000 B) 300,000 C) 500,000 D) 1.35 million
Question 2
If the demand for a product increases and the supply of the same product decreases, the equilibrium price will increase.
Indicate whether the statement is true or false