Which of the Following Statements Is True

question 168

Multiple Choice

Which of the following statements is true?

• A) Economic profit equals accounting profit minus implicit costs.
• B) The short run is any period of time in which there is at least one fixed input.
• C) A fixed input is any resource for which the quantity cannot change during the period under consideration.
• D) In the long run there are no fixed costs.
• E) All of these.

---

Definitions:

Consumers

Individuals or groups that purchase goods or services for personal use and not for manufacturing or resale purposes.

Producers

Individuals or businesses engaged in the creation of goods or services, aiming to sell them for a profit.

Tax Per Unit

A fixed amount of tax imposed on a product or service, regardless of its price.

Excise Tax

A tax applied to specific goods, services, or transactions, usually with the intent of discouraging their use or generating revenue.