Use the Following Scenario to Answer the Following Questions

question 152

Multiple Choice

Use the following scenario to answer the following questions:
Babak owns a sports practice facility called Boston Batting Cages in Boston,Massachusetts.During the first year of operation,Boston Batting Cages incurred many costs.In that year,Babak spent $5,000 on labor,$2,000 on maintenance,and $1,000 on electricity.Babak took out a loan to open his business,in which he would have earned $1,500,and his previous job,which he could get back at any time,paid him $50,000.
-If Boston Batting Cages received $80,000 in revenues,what were the economics profits?

• A) $20,500
• B) $72,000
• C) $51,500
• D) $80,000
• E) $50,000

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Definitions:

Immediate Family

Consists of one's closest relatives, such as parents, siblings, and children, often considered the first social unit an individual belongs to.

Subjective Validity

The perception that a belief or opinion is true based on personal experiences and emotions.

Social Norms

Rules that a group uses for appropriate and inappropriate values, beliefs, attitudes, and behaviors.

Internal Change

Describes a transformation or shift that occurs within an entity, individual, or system, affecting its inherent traits or operations.