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Question
A major element of the concepts of inflation and deflation is
A) the idea that price changes are measured daily.
B) their dependence on average rather than individual prices.
C) the requirement that ALL prices must be moving in the same direction.
D) each householdʹs willingness to report what they pay for goods and services each month.
Answer
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Suppose that the implicit cost for a business was $1,000 and the explicit cost was $5,000 and that the firm sold 1,000 units of its products at $6 per item. We can conclude that the firmʹsA) accounting profit was $6,000, and its economic profit was $0. B) accounting and economic profits were both $0.C) accounting profit was $1,000, and economic profit cannot be determined. D) accounting profit was $1,000, and economic profit was $0.
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Why?
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