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1. Which of the following definitions is correct? A. Accounting profit + economic profit = normal profit B. Economic profit - accounting profit = explicit costs C. Economic profit = accounting profit - implicit costs D. Economic profit - implicit costs = accounting profit E. Economic profit - accounting profit = normal profit 2. Suppose that a business had implicit costs of $500000 and had explicit costs of $5 million in a specific year. If in that year the firm sold 100000 units of its output at $50 per unit, its accounting: A. profits were $100000 and economic profits were zero B. losses were $500000 and its economic losses were zero C. profits were $500000 and its economic profits were $1 million D. profits were zero and its economic profits were $500000 E profits were zero and its economic losses were $500000 3. Kline Shirts employs labour at $5 per hour and uses capital equipment that costs $80 per day to produce women's cotton shirts. The company's total cost, given 100 hours of labour, is: A. $480 B. $500 C. 580 D. $580 F. $800 4. Average fixed cost: A. is intersected by marginal cost at its minimum point B. may be found for any output by adding average variable cost and average cost C. graphs as a U-shaped curve D. declines so long as output increases E. graphs as a hill-shaped curve 5. If average cost is declining, then: A. marginal cost must be greater than average cost B. the average fixed cost curve must lie above the average variable cost curve C. the average fixed cost curve must lie below the average variable cost curve D. total cost must also be declining E. marginal cost must be less than average cost