gineers? a. It will rise. It will remain unchanged. c. It will fall. d. It will
ID: 1129867 • Letter: G
Question
gineers? a. It will rise. It will remain unchanged. c. It will fall. d. It will rise or fall; either is possible. at is the relationship between accounting profit and economic pro a. economic profit = accounting profit + explicit costs accounting profit-economic profit-implicit costs accounting profit = economic profit + implicit costs economic profit = accounting profit-explicit costs b. d. 15. How do perfectly competitive firms and monopolists differ? A perfectly competitive firm's short-run profit is always zero; a monopolist can positive short-run profit. A perfectly competitive firm's marginal-revenue curve is perfectly elastic; a m marginal-revenue curve is downward sloping. a. b. c. A perfectly competitive firm cannot choose its level of output, a monopolist d. A perfectly competitive firm sets average revenue equal to marginal cost a If cigarettes and marijuana had been found to be substitutes, what would a tax level of output. sets average revenue equal to marginal revenue. 16. increase the demand for marijuana decrease the demand for marijuana increase the quantity demanded of marijuana a. b.Explanation / Answer
Economic profit = Accounting profit - Implicit cost
Therefore, Accounting profit = Economic profit + implicit cost
OPTION C
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