Mallory's Marble Shop received $110,000 from customers last year and had explicit costs of $30,000 and implicit costs of $70,000. What was Mallory's Marble Shop's accounting profit?
A) $110,000
B) $40,000
C) $80,000
D) $10,000
Correct Answer:
Verified
Q2: How is profit calculated?
A) Profit = Total
Q3: A negative profit is called:
A) a loss.
B)
Q4: Dave's Donuts sold 1,000 donuts. Total revenue
Q5: What costs involve an actual payment of
Q6: How is accounting profit calculated?
A) Accounting profit
Q8: Each year, a bicycle repair shop receives
Q9: Each year, a bicycle repair shop receives
Q10: Last year, Reed's Financial Services received revenues
Q11: What is an implicit cost?
A) the cost
Q12: How is economic profit calculated?
A) Total revenue
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