-The Above Figures Show the Market for Hamburger Meat

question 442

Multiple Choice

-The above figures show the market for hamburger meat. Which figure(s) shows the effect of a nation-wide strike by butchers and meat-packers?

• A) Figure B
• B) Figure C
• C) Figure D
• D) Figures B and C

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Definitions:

Monetary Outlay

The amount of money spent on a particular transaction or investment.

Implicit Costs

The opportunity costs that arise when a company uses internal resources without a direct payment.

Explicit Costs

Direct payment made to others in the course of running a business, such as wages, rent, and materials.

Accounting Profits

The net income of a company determined by subtracting total expenses from total revenues, according to generally accepted accounting principles.