week 3 quiz eco

Accounting profit is defined as

 

A firm that owns a car rental agency, a modeling agency, a French bakery, and a pet store is

 

Nonprofit firms, both private and governmental, may differ in behavior from profit-seeking private firms because

 

What is one thing that entrepreneurs do NOT do?

 

The short-run marginal cost curve falls and then rises because of

 

Ralph's Travel Agency had accounting profits of $50,000 and implicit costs of $30,000. What were economic profits?

 

Average fixed cost plus average variable cost equals

 

An example of a horizontally integrated firm is one that

 

Firms exist for all but which one of the following reasons?

 

A firm that owns a wheat farm, a grain elevator, a flour mill, a commercial bakery, and a grocery store chain is