The difference between accounting profit and economic profit is ( )
A. explicit costs.
B. total revenue
C. implicit costs.
D. marginal product.
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Which of the following will cause an increase in consumer surplus? ( )
A. an increase in the production cost of the good
B. a technological improvement in the production of the good
C. a decrease in the number of sellers of the good
D. the imposition of a binding price floor in the market
When a good is taxed ( )
A. both buyers and sellers of the good are made worse off.
B. only buyers are made worse off, because they ultimately bear the burden of the tax.
C. only sellers are made worse off, because they ultimately bear the burden of the tax.
D. neither buyers nor sellers are made worse off, since tax revenue is used to provide goods and services that would otherwise not be provided in a market economy.
Economists assume that the goal of the firm is to maximize total ( )
A. revenue.
B. profits.
C. costs.
D. satisfaction.
Jane was a partner at a law firm earning $223,000 per year. She left the firm to open her own law practice. In the first year of business she generated revenues of $347,000 and incurred explicit costs of $163,000. Jane’s economic profit from her first year in her own practice is ( )
A. -$39,000.
B. $124,000.
C. $163,000.
D. $184,000.
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