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Question
The aggregate demand curve plots
A) desired expenditures against production.
B) total expenditures against the level of employment.
C) planned expenditures against the price level.
D) employment against the price level.
Answer
This answer is hidden. It contains 1 characters.
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Suppose that during a given time period the implicit cost for a business was $1,500 and that the explicit cost was $6,000. Also suppose that the firm sold 1,000 units of its products at $7 per item. We can conclude that the firmʹsA) accounting profit was $1,000, and its economic profit was -$500. B) accounting and economic profits were both $1000.C) accounting profit was -$500, and economic profit was $1,000. D) accounting profit was $1000, and economic profit was -$1,500.
Q:
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Why?
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