A firm with explicit costs of $2 million , no implicit costs, and total revenue of $3

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A firm with explicit costs of $2 million , no implicit costs, and total revenue of $3 million would have .

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a) zero economic profit

b) zero accounting profit

c) an accounting profit and an economic profit of $1 million

d) a higher economic profit than an accounting profit

e) a higher accounting profit than economic profit.

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Microeconomics

ISBN: 9780077641542

11th Edition

Authors: Stephen Slavin

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Question Posted: Feb 29, 2024 07:00 AM

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A firm with explicit costs of $2 million , no implicit costs, and total revenue of $3

Question:

Price ($) 220 200 180 160 140 120 a 100 80 60 40 20 Figure 1 MC 10 20 30 40 50 60 Output 70 80 ATC AVC D, MR 90 100

Step by Step Answer:

ANSWER The correct answer is e a higher accounting profit t...View the full answer

Microeconomics

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