If Implicit Costs Equal Accounting Profit, Economic Profit Must Be

question 231

Multiple Choice

If implicit costs equal accounting profit, economic profit must be

• A)negative.
• B)positive.
• C)zero.
• D)higher in the short run than in the long run.
• E)higher in the long run than in the short run.

---

Definitions:

Successful Leaders

Individuals characterized by their ability to guide, inspire, and bring out the best in those around them to achieve common goals.

Situational Leadership Model

A leadership theory suggesting that the most effective leadership style varies according to the situation, and that leaders adjust their styles based on the maturity level of their followers.

Fred Fiedler

A psychologist who developed the contingency theory of leadership, suggesting that the effectiveness of a leader is dependent on both their personal style of leadership and the situation they are in.

Contingency Theory

A management theory suggesting that there is no one best way to organize a corporation, to lead a company, or to make decisions; instead, the optimal course of action is contingent upon the internal and external situation.