A Small Business Owner Earns $75,000 in Revenue Annually

question 47

Multiple Choice

A small business owner earns $75,000 in revenue annually. The explicit annual costs equal $40,000. The owner could work for someone else and earn $20,000 annually. The owner's accounting profit is ________ and owner's economic profit is ________.

• A)$10,000, $10,000
• B)$35,000, $10,000
• C)$35,000, $55,000
• D)$10,000, $55,000

---

Definitions:

Ageism

Discrimination or prejudice against individuals or groups based on their age, often affecting older adults.

Social factors

Influences that arise from the individual's social environment, affecting behavior, preferences, and attitudes.

Self-identity

An individual's conception of themselves, including beliefs, personality traits, and values that define who they are.

Social identity

The portion of an individual's self-concept derived from perceived membership in a relevant social group.