Suppose That During a Given Time Period the Implicit Cost

question 360

Multiple Choice

Suppose that during a given time period the implicit cost for a business was $1,500 and that the explicit cost was $6,000. Also suppose that the firm sold 1,000 units of its products at $7 per item. We can conclude that the firm's

• A) accounting profit was $1,000, and its economic profit was -$500.
• B) accounting and economic profits were both $1000.
• C) accounting profit was -$500, and economic profit was $1,000.
• D) accounting profit was $1000, and economic profit was -$1,500.

Identify and describe the structure of different functional groups and compounds in organic chemistry.

Understand the concepts of vapor pressure and boiling points in the context of solutions.

Distinguish between primary, secondary, and tertiary amines.

Differentiate between alcohols, ethers, esters, aldehydes, and carboxylic acids based on their functional groups.

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An individual's own estimation of their value or merit.

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