Which of the Following Statements Is False

question 1

Multiple Choice

Which of the following statements is false?

• A)Explicit costs of using market-supplied resources entail an opportunity cost equal to the dollar cost of obtaining the resources in the market.
• B)When economic profit is zero,the firm's owners could NOT have done better putting their resources in some other industry of comparable risk.
• C)If economic profit is positive,accounting profit must also be positive.
• D)If economic profit is negative,accounting profit must also be negative.
• E)None of the above statements is false.

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Definitions:

Janitor

A person responsible for cleaning, maintaining, and often securing buildings such as schools, office buildings, and residential complexes.

Exculpatory Clauses

Provisions in a contract that relieve one party from liability for wrongdoing, typically found in agreements for participation in potentially hazardous activities.

Intentional Misrepresentations

False statements or lies made knowingly, with the intention to deceive or mislead another party, which can serve as grounds for legal action if they result in harm.

Principal

The main party to a transaction or contract, such as a company, individual, or entity, which has authorized others to act on its behalf.