Julia runs a home construction business and owns a variety of construction equipment.She normally uses her equipment to build and sell homes herself, however when times are tough she rents out the equipment to other builders.Which of the following should Julia not include when looking at the costs of building a new home:
A) the rental income from leasing her construction equipment
B) any wages she has to pay to her employees
C) the purchase price of her construction equipment
D) the salary she could earn working for another construction company
Correct Answer:
Verified
Q45: Economists normally assume that a firm would?
(i)
Q46: Those things that must be forgone to
Q47: Which of the following is an implicit
Q48: The goal of most firms in the
Q49: A firm's profit is equivalent to:
A)its total
Q51: An economist measures profit as:
A)total revenue minus
Q52: Economists are primarily interested in:
A)the marginal cost
Q53: To an economist, the field of industrial
Q54: Total revenue equals:
A)total output multiplied by the
Q55: Opportunity costs are comprised of:
A)explicit costs
B)implicit costs
C)forgone
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