If Your Business Earns $10,000 in Revenues, Has Explicit Costs

question 293

Multiple Choice

If your business earns $10,000 in revenues, has explicit costs of $7,000, and implicit costs of $5,000, your economic profit is

• A) $2,000.
• B) -$2,000.
• C) $5,000.
• D) $3,000.

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Definitions:

Store Open Hours

The schedule or times during which a retail business is open to the public for service or sales.

Personal Life

The aspects of an individual’s existence that pertain to their private, personal relationships, interests, and activities outside of their professional responsibilities.

Evening Hours

The period of the day typically considered to start from the late afternoon and extending through the evening, often outside standard business operating hours.

Location Difficulties

Challenges associated with the geographical positioning of a business that could impact its success or operations.