This Gantt Chart Can Be Used to Show

question 71

Multiple Choice

This Gantt chart can be used to show:

• A) activity D must come before activity C.
• B) activity F can be done at the same time as D.
• C) activity E can begin as soon as activity A is complete.
• D) activities D and B can be done simultaneously.

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Definitions:

Implicit Costs

The opportunity costs of using resources that a firm already owns, typically non-out-of-pocket costs.

Explicit Costs

Direct, out-of-pocket payments for goods or services used in production, such as wages or rent.

Accounting Profit

The financial gain calculated by subtracting total explicit costs from total revenue, not considering implicit costs.

Economic Profit

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs.