ECN 101 Chapter Notes - Chapter 8: Opportunity Cost, Shopify, Industrial Revolution

15) Economic profit equals total revenue minus A) the cost of resources bought in the market. B) the implicit rental rate. C) the cost of resources owned by the firm. D) the cost of resources supplied by the owner. E) the opportunity cost of production.

32) Economic profit equals total revenue minus A) the cost of resources bought in the market. B) the implicit rental rate. C) the opportunity cost of production. D) the cost of resources supplied by the owner. E) the cost of resources owned by the firm.

26) 26) Economic profit equals total revenue minus A) the cost of resources supplied by the owner. B) the implicit rental rate. C) the cost of resources owned by the firm. D) the opportunity cost of production. E) the cost of resources bought in the market.