Pick the false statement.
A) It is possible for economic profit to be equal to accounting profit.
B) It is possible for economic profit to be greater than accounting profit.
C) It is possible for economic profit to be less than accounting profit.
D) Economic profit can only occur under conditions of uncertainty.
Question 2
In 2014, the price of peanuts was rising, which led peanut butter sellers to expect the price of peanut butter would rise in the future.
Consequently, in the current market for peanut butter there was ________ which resulted in ________ in the price of peanut butter and ________ in the quantity of peanut butter. A) an increase in demand for peanut butter; an increase; an increase
B) an increase in supply of peanut butter; a decrease; an increase
C) a decrease in demand for peanut butter; a decrease; a decrease
D) a decrease in supply of peanut butter; an increase; a decrease
