A Firm's Total Explicit Costs Are $1,000

question 148

Multiple Choice

A firm's total explicit costs are $1,000. Its total implicit costs are $500, and it has a total revenue of $2000. This firm receives

• A) an accounting profit only.
• B) an economic profit only.
• C) both an economic profit and an accounting profit.
• D) neither an economic profit nor an accounting profit.

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Definitions:

Medical Liability

The legal responsibility held by healthcare professionals for any harm or injury caused to a patient due to negligence or omission.

Assertive Communication

A communication style in which individuals express their thoughts, feelings, and needs in a clear, honest, and respectful way.

Prescription Dose

The specific amount of medication a healthcare provider orders for a patient to take at one time or over a certain period.

Severe Arthritis

A condition characterized by extreme inflammation and degeneration of the joints, leading to significant pain, stiffness, and mobility challenges.