Examlex
Both import quotas and VERs benefit ___________ by limiting import competition,but they result in higher prices,which hurts __________.
Economic Profits
The financial difference between what a business earns in total revenue and what it spends, considering both explicit and indirect costs.
Implicit Costs
The opportunity costs involved in using resources that a firm already owns, for which it does not make a direct payment.
Accounting Profits
The total revenue of a business minus the explicit costs associated with producing goods or services, not accounting for implicit costs.
Economic Profits
The variance between a company's overall earnings and the sum of its explicit and implicit expenditures.
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