Accounting profits are the same as economic profits.A. TrueB. FalseThe short-run break-even price is the price at whichA. a firm's total revenues equal its total costs.B. short-run economic profits are zero.C. marginal cost and average total cost both equal the price.D. All of the above.

Profit is equal total revenue minus total cost. Total revenue equals price times quantity. Total…

Accounting profits are the same as economic profits. A. True B. False The short-run break-even price is the price at which O A. a firm's total revenues equal its total costs. B. short-run economic profits are zero. C. marginal cost and average total cost both equal the price. D. All of the above.

Accounting profits are the same as economic profits. A. True B. False The short-run break-even price is the price at which O A. a firm's total revenues equal its total costs. B. short-run economic profits are zero. C. marginal cost and average total cost both equal the price. D. All of the above.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Accounting profits are the same as economic profits.
A. True
B. False
The short-run break-even price is the price at which
A. a firm's total revenues equal its total costs.
B. short-run economic profits are zero.
C. marginal cost and average total cost both equal the price.
D. All of the above.

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Step 1: Define profit. accounting profits and economic profits.

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