U.S.currency ________

question 553

Multiple Choice

U.S.currency ________.

• A) is less efficient than barter
• B) includes tobacco
• C) is the sum of M1 and M2
• D) is composed of the bills and coins that we use today

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Definitions:

Economic Profit

The financial gain made in a transaction after subtracting both the explicit and implicit costs.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance premiums.

Variable Costs

Costs that change in proportion to the level of output or activity in a business.

Economic Profits

The surplus remaining after total costs are deducted from total revenue, factoring in both explicit and opportunity costs.