Author Question: A firm's economic profits are given by a. total revenue minus total accounting cost. b. the ... (Read 162 times)

SGallaher96 · **on:** Jul 1, 2018

A firm's economic profits are given by
a. total revenue minus total accounting cost.
b. the owner's opportunity cost.
c. total revenue minus total economic cost.
d. total revenue minus the cost of capital.

Question 2

The accountant's cost of producing a bicycle refers to
a. the out-of-pocket payments made to produce the bicycle.
b. the value of the goods that were given up to produce the bicycle.
c. the bicycle's retail price.
d. the marginal cost of the last bicycle produced.