Which of the following is NOT an example of an explicit cost?
A) The overtime wages paid to workers.
B) The income the owner could have earned in his or her next best employment opportunity.
C) The salaries paid to the managers who help run the business.
D) The rent the owner pays each month to lease office space.
Correct Answer:
Verified
Q1: Economic profit is equal to:
A)accounting profit plus
Q3: Suppose you own a small business. Last
Q4: Last year Christine worked as a consultant.
Q5: A firm earns a normal profit when
Q6: If a firm is earning zero economic
Q7: Explicit costs:
A)measure the opportunity costs of the
Q8: If you were to start your own
Q9: Last year Christine worked as a consultant.
Q10: Which of the following statements is true?
A)Accounting
Q11: Accounting profit is equal to:
A)total revenue minus
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