17. If the accounting profit equals $200,000 and implicit costs equal $40,000, t

Question

17. If the accounting profit equals $200,000 and implicit costs equal $40,000, the economic profit equals

a. $240,000 b. $200,000 C. $160,000 d. $40,000

19. Which one of the following is not a characteristic of a perfectly competitive market

a. Firms advertise in order to distinguish their products and increase market share.

b. Firms earn zero economic profit in the Long run

c. Competing products are virtually identical

d. Firms are price takers

e. There are a large number of buyers and sellers interacting in the market.

20. A firm receives $10 per unit at an equilibrium level of output of 80 units. The average total 80 units of output is $8. The firm makes a total economic profit of:

a. $120

b. $160

c. $100

d. $80

Explanation / Answer

B C A

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