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Scenario: Accounting and Economic Profit
Rather than put the $100,000 that his grandmother left him in a mutual fund that earns 5% each year, Tommy Wang quit his job that paid $60,000 per year and started Wang's Wicker Furniture Store. He rented a showroom for $20,000 for the year, purchased $60,000 in wicker furniture, and incurred costs of $40,000 for sales help and advertising. Instead of using the capital for his own business, he could rent it to a rival firm and earn $5,000 a year. In his first year, his revenue was $150,000.
Examine the scenario Accounting and Economic Profit. The accounting profit of Wang's Wicker Furniture Store is:
$200,000.
$60,000.
$30,000.
$0.
When profit-maximizing firms in competitive markets are earning negative economic profit, Select one:
explain the most important characteristic in perfect competition monopolistic competition oligopoly and monopolies and
A monopolist produces the quantity at which MC
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question 1 many analysts in both developed and developing worlds have heavily criticized the cases of monopolies.
The firm depicted in the table below is in a PERFECTLY COMPETITIVE MARKET.
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