​Which of the Following Statements Is True

question 39

Multiple Choice

​Which of the following statements is true?

• A)​Economic profits ignore implicit costs.
• B)Economic profits include implicit costs.
• C)Accounting profits include all of the opportunity costs.
• D)​Economists consider sunk costs in their decision making.

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Definitions:

Imported Good

A product or service brought into one country from another for the purpose of selling it.

Government Payment

Financial transfers from the government to individuals, organizations, or other governmental units.

Equilibrium World Price

The price of a good at which the quantity supplied and quantity demanded are equal in the global market.

Domestic Quantity Supplied

The total amount of a product that producers in a country are willing and able to sell at a given price level, within the domestic market.