Which of the Following Is an Ordinary, Non-Random Variable

question 56

Multiple Choice

Which of the following is an ordinary, non-random variable?

• A)the price of a stock in one year
• B)the actual price of a stock in one year
• C)the known expected price of a stock in one year
• D)both B and C are ordinary, non-random variables

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Definitions:

Implicit Costs

They represent the opportunity costs of using resources that a company already owns, rather than the out-of-pocket expenses.

Economic Costs

The total cost of production, including both explicit costs like wages and materials and implicit costs such as opportunity costs.

Accounting Profit

The total revenue of a business minus the explicit costs associated with that revenue, calculated using generally accepted accounting principles (GAAP).

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to changes.