If Implicit Costs Equal Accounting Profit, Economic Profit Must Be

question 231

Multiple Choice

If implicit costs equal accounting profit, economic profit must be

• A)negative.
• B)positive.
• C)zero.
• D)higher in the short run than in the long run.
• E)higher in the long run than in the short run.

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Definitions:

Vision

Vision pertains to the ability to see, including the process by which light is converted by the eye into electrical signals for interpretation by the brain.

Taste

A sense that allows the detection of flavor, or the aesthetic discernment and appreciation of things.

Hearing

The physiological process by which sound waves are converted into electrical signals that are interpreted by the brain.

Object Permanence

The understanding that objects continue to exist even when they cannot be observed, seen, or heard, a concept important in cognitive development.