Find the Slope and the Y-Intercept

question 30

Multiple Choice

Find the slope and the y-intercept
-x + y = 12

• A)m = -1; (0, 12)
• B)m = 0; (0, 12)
• C)m = -1; (0, -12)
• D)m = 1; (0, 12)

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Definitions:

Economic Profits

The surplus remaining after total costs (including both explicit and implicit costs) are subtracted from total revenue; often indicates the firm is outperforming the average in its industry.

Industry Supply Curve

A graphical representation showing the relationship between the price of a commodity and the quantity supplied by all producers in the market.

Industry Demand Curve

A graphical representation that shows the relationship between the price of a good or service and the total quantity demanded by all consumers in the industry.

Explicit Costs

Explicit costs are direct, out-of-pocket payments for expenses like wages, rental fees, and materials, clearly identifiable and recorded in a company's financial statements.