If a User Only Specifies the Time When Setting a Value

question 61

True/False

If a user only specifies the time when setting a value for a DATE column,the date portion will default to the current time.

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Definitions:

Economic Profits

The surplus remaining after deducting all costs, including opportunity costs, from total revenues, indicating the financial performance exceeding the break-even point.

Implicit Costs

The opportunity costs that arise from using resources owned by the firm for its own production instead of earning revenue from these resources elsewhere.

Normal Profit

The lowest amount of profit a company must earn to stay competitive and cover its opportunity costs.

Implicit Costs

Implicit costs, also known as imputed or opportunity costs, are the costs of resources owned by the firm that are used in its own production process.