In what sense is profit a cost of production? Select one: O a. Profit levels in each industry are regulated by the government. O b. Profit is a subcategory of cost of goods sold and is listed on most accounting statements. c. Profit arises from the exploitation of labor and is one cost of having a capitalist economic system. O d. Unless firms can pay themselves (their owners) enough profit to stay in a particular business, the owners will take their resources and go into another business.
In what sense is profit a cost of production? Select one: O a. Profit levels in each industry are regulated by the government. O b. Profit is a subcategory of cost of goods sold and is listed on most accounting statements. c. Profit arises from the exploitation of labor and is one cost of having a capitalist economic system. O d. Unless firms can pay themselves (their owners) enough profit to stay in a particular business, the owners will take their resources and go into another business.
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter3: Demand, Supply, And The Market Process
Section: Chapter Questions
Problem 10CQ
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Transcribed Image Text:In what sense is profit a cost of production?
Select one:
O a. Profit levels in each industry are regulated by the government.
b. Profit is a subcategory of cost of goods sold and is listed on most
accounting statements.
O c. Profit arises from the exploitation of labor and is one cost of having a
capitalist economic system.
O d. Unless firms can pay themselves (their owners) enough profit to stay in
a particular business, the owners will take their resources and go into
another business.
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s page
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