Accounting profit

Question 11 pts

Accounting profit is defined astotal sales – (explicit costs + implicit costs).total sales – explicit costs – implicit opportunity monetary implicit costs.

Don't use plagiarized sources. Get Your Custom Essay on
Accounting profit
Just from $10/Page
Order Essay

Flag this Question

Question 21 pts

A firm that owns a car rental agency, a modeling agency, a French bakery, and a pet store isa conglomerate.a perfect competitor.inefficient.vertically integrated.horizontally integrated.

Flag this Question

Question 31 pts

Nonprofit firms, both private and governmental, may differ in behavior from profit-seeking private firms becauseprivate firms do not compete with government firms.government firms are more difficult to manage.government managers seek more capital-intensive means of production.the demand for the products is inherently different.there is no residual claimant.

Flag this Question

Question 41 pts

What is one thing that entrepreneurs do NOT do?They identify consumer demands.They establish supply and demand.They organize production.They allocate resources.They acquire assets.

Flag this Question

Question 51 pts

The short-run marginal cost curve falls and then rises because offixed costs.diseconomies of scale.diseconomies and economies of scale.the principle of diminishing returns.

Flag this Question

Question 61 pts

Ralph’s Travel Agency had accounting profits of $50,000 and implicit costs of $30,000. What were economic profits?$50,000$30,000$20,000The amount cannot be determined from the information given.

Flag this Question

Question 71 pts

Average fixed cost plus average variable cost equalsmarginal cost.average total variable cost.marginal fixed cost.

Flag this Question

Question 81 pts

An example of a horizontally integrated firm is one thatuses highly automated assembly line techniques.owns several plants in the same state.owns several plants, each manufacturing the same product.produces a variety of goods and sells them in widely disparate markets.owns several plants, each handling a different stage of production.

Flag this Question

Question 91 pts

Firms exist for all but which one of the following reasons?To reduce transactions costsTo produce thingsTo organize teamsTo monitor shirkingTo reduce the costs of buying

Flag this Question

Question 101 pts

A firm that owns a wheat farm, a grain elevator, a flour mill, a commercial bakery, and a grocery store chain isa imperfect competitor.a monopoly.vertically integrated.horizontally integrated.

Order your essay today and save 15% with the discount code: SUCCESS


Calculate the price of your paper

Total price:$26
Our features

We've got everything to become your favourite writing service

Need a better grade?
We've got you covered.

Order your paper
Live Chat+1(405) 367-3611Email