Table 221 Suppose the Entrepreneur Could Earn $1,000 as an Employee Elsewhere

question 46

Multiple Choice

Table 22.1 $$\begin{array}{l}\text { Assume an apple farmer incurs the following costs and revenues }\\\begin{array} {| l | r |} \hline \text { Fertilizer } & \$ 200 \\\hline \text { Seeds } & \$ 75 \\\hline \text { Water } & \$ 250 \\\hline \text { Wages } & \$ 750 \\\hline \text { Property taxes } & \$ 600 \\\hline \text { Interest paynents on borrowed funds } & \$ 1,200 \\\hline \text { Bales of apples } & \$ 4,000 \\\hline\end{array}\end{array}$$ Suppose the entrepreneur could earn $1,000 as an employee elsewhere.This means the economic profit is

• A)-$925.
• B)-$75.
• C)-$1,000.
• D)$0.

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Definitions:

Plaintiff

The party who initiates a lawsuit before a court against the defendant, seeking a legal remedy for a grievance.

Harmed

Suffered damage or injury, either physically, financially, emotionally, or legally.

Long Arm Statutes

These are laws that give a state the authority to exercise jurisdiction over individuals or businesses that do not reside in the state but have conducted activities within the state that caused harm.

Minimum Contacts

A legal standard determining whether a court has jurisdiction over a defendant, based on the defendant's connections to the area where the court is located.