Author Question: Economic profit is A) equal to the firm's total revenue minus its opportunity costs. B) an ... (Read 160 times)

tfester

  • Hero Member
  • *****
  • Posts: 534
Economic profit is
 
  A) equal to the firm's total revenue minus its opportunity costs.
  B) an opportunity cost of operating the firm.
  C) equal to the firm's total revenue minus its normal profit.
  D) the average return for supplying entrepreneurial ability.

Question 2

Short-run macroeconomic equilibrium occurs when the quantity of real GDP demanded ________.
 
  A) equals potential GDP
  B) equals full-employment GDP
  C) does not equal full-employment GDP
  D) equals the quantity of real GDP supplied



aruss1303

  • Sr. Member
  • ****
  • Posts: 314
Answer to Question 1

A

Answer to Question 2

D



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

In women, pharmacodynamic differences include increased sensitivity to (and increased effectiveness of) beta-blockers, opioids, selective serotonin reuptake inhibitors, and typical antipsychotics.

Did you know?

Pope Sylvester II tried to introduce Arabic numbers into Europe between the years 999 and 1003, but their use did not catch on for a few more centuries, and Roman numerals continued to be the primary number system.

Did you know?

There are 20 feet of blood vessels in each square inch of human skin.

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

Did you know?

Studies show that systolic blood pressure can be significantly lowered by taking statins. In fact, the higher the patient's baseline blood pressure, the greater the effect of statins on his or her blood pressure.

For a complete list of videos, visit our video library