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Economics Model Answers Eleven - 2013 (view source)

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:Economic profit is the profit earned when opportunity costs are considered.  It is usually less than the accounting profit, which is merely money received minus money paid.
 
:Economic profit is the profit earned when opportunity costs are considered.  It is usually less than the accounting profit, which is merely money received minus money paid.
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:"A ''monopsony'' is when there is only one buyer, who has control over all purchases of one specific thing. ''Economic rent'' is the extra amount of money that a seller charges, above their costs. ''Economic profit'' is the revenue made from a product minus all the other costs such as opportunity costs and other hidden costs." (by student MS)
    
2.  Define, in your own words, what a "production possibilities curve" is.
 
2.  Define, in your own words, what a "production possibilities curve" is.
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