Refer to Scenario 7

question 206

Multiple Choice

Refer to Scenario 7.5 below to answer the question(s) that follow.
SCENARIO 7.5: You own and are the only employee of a company that customizes bicycles.
Last year your total revenue was $60,000. Your costs for rent and supplies were $25,000.
To start this business you invested an amount of your own capital that could pay you a $45,000 a year return.
-Refer to Scenario 7.5. Your economic profit last year was

• A) -$20,000.
• B) -$10,000.
• C) $15,000.
• D) $35,000.

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Definitions:

Quality of Arguments

The degree to which arguments are logical, coherent, comprehensible, and convincingly supported by evidence.

Evaluation

Assesses the credibility of statements or other representations that are accounts or descriptions of a person’s perception, experience, situation, judgment, belief, or opinion; also assesses the logical strength of the actual or intended inferential relationships among statements, descriptions, questions, or other forms of representation.

Challenging Problem

A problem or question that is difficult to solve and requires significant effort or creativity.