Which of the Following Products Forms a Major Part of U.S

question 87

Multiple Choice

Which of the following products forms a major part of U.S. imports?

• A) Agricultural products
• B) Iron ore
• C) Medical equipments
• D) Crude oil

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Definitions:

Negative Economic Profit

A situation where a firm's total revenue is less than its total costs, including opportunity costs.

Market Price

The current value at which an asset or service can be bought or sold in a competitive marketplace.

Zero Economic Profit

A situation where a firm's total revenue is exactly equal to its total costs, including opportunity costs.

Economic Profits

The excess of total revenues over total costs, including both explicit and implicit costs.