Refer to Scenario 7

question 206

Multiple Choice

Refer to Scenario 7.5 below to answer the question(s) that follow.
SCENARIO 7.5: You own and are the only employee of a company that customizes bicycles.
Last year your total revenue was $60,000. Your costs for rent and supplies were $25,000.
To start this business you invested an amount of your own capital that could pay you a $45,000 a year return.
-Refer to Scenario 7.5. Your economic profit last year was

• A) -$20,000.
• B) -$10,000.
• C) $15,000.
• D) $35,000.

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Definitions:

Gift-giving Rituals

Social practices and traditions involving the giving and receiving of gifts, which play an important role in building and maintaining relationships within various cultures.

Reformulation

The act of revising or restructuring information, ideas, or substances into a new format or composition.

Presentation

The way information or items are displayed or offered to others, which can significantly impact perception and effectiveness.

Personal Ritual

A sequence of activities involving gestures, words, actions, or objects, performed in a sequestered place, and performed according to set sequence, often for personal satisfaction or to achieve a specific outcome.