Refer to Scenario 7.2 below to answer the question(s) that follow.
SCENARIO 7.2: You are the owner and only employee of a company that sets odds for sporting events. Last year you earned a total revenue of $100,000. Your costs for rent and supplies were $50,000. To start this business you invested an amount of your own capital that could pay you a return of $20,000 a year.
-Refer to Scenario 7.2. Your economic profit last year was
A) -$40,000.
B) -$10,000.
C) $10,000.
D) $30,000.
Correct Answer:
Verified
Q32: In the long run
A) a firm can
Q33: Refer to Scenario 7.3 below to answer
Q34: The process by which inputs are combined,
Q35: The Cakery Bakery sells 200 muffins at
Q36: Refer to Scenario 7.3 below to answer
Q38: In the short run, a firm
A) has
Q39: The Wax Works sells 500 candles at
Q40: The rate of return on capital that
Q41: Refer to Scenario 7.6 below to answer
Q42: A firm has no fixed factors of
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