Suppose That for a Particular Business There Are No Implicit

question 7

Multiple Choice

Suppose that for a particular business there are no implicit opportunity costs.Then

• A)accounting profit will be greater than economic profit.
• B)accounting profit will be the same as economic profit.
• C)accounting profit will be less than economic profit.
• D)the relationship between accounting profit and economic profit cannot be determined since the amount of explicit opportunity costs is not given.

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Definitions:

Seventeenth Amendment

An amendment to the U.S. Constitution ratified in 1913 that established the direct election of U.S. Senators by popular vote, replacing their selection by state legislatures.

Senators

Members of the senate, which is one of the two chambers in the bicameral legislature of many countries, including the United States.

Elected

The process by which individuals are chosen through voting to hold public office or perform public duties.

Conference Committee

A committee formed when the House and Senate need to reconcile different versions of a bill into a single version to be passed by both chambers of Congress.