Question 1
What are explicit costs?
Question 2
What defines the profit maximizing rule?
Question 3
In Example 3, the housekeeper who becomes a house cleaning service owner experiences what type of economic profit?
Question 4
What is the difference between marginal revenue (MR) and marginal cost (MC)?
Question 5
Which condition indicates economic losses on a profit maximization graph?
Question 6
In Example 2, what was the accounting profit for the fast food worker turned YouTuber?
Question 7
How is accounting profit calculated?
Question 8
How is economic profit calculated?
Question 9
What is the objective of profit maximization?
Question 10
In Example 1, what was the economic profit for the teacher turned restaurant owner?
Question 11
What resource did Jacob Reed recommend for additional practice on profit maximization?
Question 12
How would you classify a situation where total revenue equals total cost?
Question 13
Which of the following is part of implicit costs?
Question 14
What is normal profit?
Question 15
In a perfectly competitive firm, profit maximization occurs at which point?