If your business earns accounting profits of $50,000 and economic losses of $20,000, what are your hidden opportunity costs?

A.

$70,000

B.

$60,000

C.

$20,000

D.

$30,000

When there are economic losses in an industry,

A.

demand decreases.

B.

quantity supplied decreases.

C.

price falls.

D.

supply decreases.

Schumpeter's theory of competitive innovations is called

Question content area bottom

Part 1

A.

military intelligence.

B.

competitive incorporation.

C.

natural selection.

D.

creative destruction.

E.

competitive interpretation.

In perfect competition,

Question content area bottom

Part 1

A.

businesses can sell more if they increase their price.

B.

businesses have no incentive to keep prices low.

C.

every business produces a different product.

D.

businesses are price takers.

E.

patents and copyrights are common.