A Firm's Total Explicit Costs Are $1,000

question 148

Multiple Choice

A firm's total explicit costs are $1,000. Its total implicit costs are $500, and it has a total revenue of $2000. This firm receives

• A) an accounting profit only.
• B) an economic profit only.
• C) both an economic profit and an accounting profit.
• D) neither an economic profit nor an accounting profit.

Analyze the implications of fiscal activities on private, public, and national savings.

Understand the relationship between interest rates and the quantity of loanable funds demanded.

Identify the sources of the supply of loanable funds in an economy.

Define national saving in the context of a closed economy and its components.

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Definitions:

Endocrine Activity

The various functions of the glands in the endocrine system that secrete hormones directly into the bloodstream.

Internal Locus

A psychological concept where an individual believes they can control their life and outcomes.

Control

The power to influence or direct people's behavior or the course of events.

Immune System

The body's defense mechanism against infections, diseases, and foreign substances, comprising various organs, cells, and proteins.