What is the primary difference between accounting profits and economic profits?
o economic profits focus on money; accounting profits focus on all types of capital.
o accounting profits ignore implicit costs; economic profits consider them.
o accounting profits only occur when money is made; economic profits can occur when money is lost.
o economic profits require the exchange of money; accounting profits do not.

the question using the following data, which show all available techniques for producing 20 units of a particular commodityresource resource prices possible production techniques#1 #2 #3 #4 #5land $4 2 4 2 4 4labor 3 1 2 4 1 3capital 3 5 2 3 1 2entrepreneurial ability 2 3 1 1 4 1assuming that the firm is motivated by self-interest and that the 20 units that can be produced with each technique can be sold for $2 per unit, the firm will

Agood for which demand increases as income rises is and a good for which demand increases as income falls is

The link between volume of production and the cost of building manufacturing operations is particularly important in industries characterized byanswers: process innovations.product manufacturing.product innovation.process manufacturing.