60-
Not what you're looking for?
A firm generates total revenue of $80,000. Labor costs $40,000, materials cost $20,000 and the owner could have earned $15,000 working for someone else. To an economist, profit equals___________; to an accountant, profit equals ______________.
a) $40,000; 5,000
b) $5,000; $40,000
c) $40,000; $15,000
d) $20,000; $5,000
e) $5,000; $20,000
Purchase this Solution
Purchase this Solution
Free BrainMass Quizzes
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.