If You Were to Start Your Own Business, Your Implicit

question 86

Multiple Choice

If you were to start your own business, your implicit costs would include the:

• A)rent that you have paid in advance for the use of a building.
• B)opportunity cost of the time you spend working at the business.
• C)profit you earn over and above your normal profit.
• D)interest that you pay on your business loans.

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Definitions:

Independent Variables

Independent variables are the factors in an experiment that are manipulated or changed by the researcher to investigate their effects on the dependent variables.

Distribution

The way in which something is shared or spread out over an area or among a population.

COV

The coefficient of variation, a measure of relative variability that describes the ratio of the standard deviation to the mean.

Independent Variables

Variables in an experiment that are manipulated or chosen by the researcher to investigate their effects on the dependent variable.