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A business has $500 in explicit costs and sells the resulting output for $750. The average profits in other industries are 20 percent of explicit
A business has $500 in explicit costs and sells the resulting output for $750. The average profits in other industries are 20 percent of explicit costs. Which of the following statements is true? Part 2 A. Normal profits are $150. B. Economic profits are greater than accounting profits. C. Economic profits are $250. D. Implicit costs are $100
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International Marketing And Export Management
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
8th Edition
1292016922, 978-1292016924
