Economic Profit Is Equal To

question 41

Multiple Choice

Economic profit is equal to:

• A)accounting profit plus implicit costs.
• B)total revenue minus accounting profit.
• C)total revenue minus the sum of explicit and implicit costs.
• D)accounting profit minus explicit costs.

Explain the economic goals of labor unions and their methods to achieve these goals.

Recognize the role of collective bargaining in labor-management relations.

Understand the concept and implications of a monopsony in labor markets.

Identify the factors influencing the ability and willingness of union members to strike.

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Definitions:

Market Value

The current market valuation at which you can buy or sell a service or asset.

List Price

The advertised or published price of a product or service before any discounts, allowances, or rebates are applied.

Deferred Payment Contract

A contractual agreement where payment is postponed to a future date beyond the standard billing period.

Prime Interest Rate

The interest rate that commercial banks charge their most credit-worthy customers, often used as a benchmark in lending rates.