A Business Produces 400 Items and Sells Them for $15

question 107

Multiple Choice

A business produces 400 items and sells them for $15 each for a total of $6,000. The total cost of producing the items is $4,500 in explicit cost and $1,000 in implicit cost. Economic profit is:

• A) $0.
• B) $500.
• C) $1,000.
• D) $1,500.

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Definitions:

Subcultures

Smaller cultures that develop within a larger organizational culture and are based on differences in training, occupation, or departmental goals.

Beliefs

Acceptance that something exists or is true, especially without proof, or the held opinions or convictions of an individual or group.

Institutionalized Socialization

The process by which individuals learn and adapt to the norms and roles expected of them by an organization or society at large.

Individualized Socialization

A personalized approach to integrating a new member into a group or organization, taking into account their unique needs and abilities.