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Author Question: Joe quits his job as an insurance agent and opens his own sporting goods store. If his profits as ... (Read 41 times)

ishan

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on: Jun 29, 2018
Joe quits his job as an insurance agent and opens his own sporting goods store. If his profits as measured by his accountant are greater than zero, then
 
  A) he made a good move because he is earning above normal profits.
  B) his economic profit must be greater than zero.
  C) his opportunity costs must be zero.
  D) There is not enough information to determine his economic profit, if any.

Question 2

The goal of a perfectly competitive firm is to maximize its
 
  A) normal profit.
  B) revenue.
  C) output.
  D) economic profit.


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johnharpe

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

D


ishan

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

matt95

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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