Fred Engages in Self-Promotion by Always Dressing Professionally,appearing Busy,constantly Talking

question 93

Multiple Choice

Fred engages in self-promotion by always dressing professionally,appearing busy,constantly talking on his cell phone,and mentioning all the famous people he knows.Fred appears to be utilizing the strategy of

• A) using the trappings of competence.
• B) claiming obstacles.
• C) claiming competence.
• D) staging a performance.

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Definitions:

Economic Profit

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs, representing the additional value created by the firm.

Accounting Profit

Accounting profit is the financial gain calculated by subtracting total explicit costs from total revenue.

Explicit Costs

Direct, out-of-pocket payments for wages, rent, materials, and other inputs necessary for the production of goods or services.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own use, without any direct payment made.