Suppose That the Implicit Cost for a Business Was $1,000

question 250

Multiple Choice

Suppose that the implicit cost for a business was $1,000 and the explicit cost was $5,000 and that the firm sold 1,000 units of its products at $6 per item. We can conclude that the firm's

• A) accounting profit was $6,000, and its economic profit was $0.
• B) accounting and economic profits were both $0.
• C) accounting profit was $1,000, and economic profit cannot be determined.
• D) accounting profit was $1,000, and economic profit was $0.

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Definitions:

Congenital Hypothyroidism

A condition present at birth characterized by an underactive thyroid gland, resulting in a lack of thyroid hormones which are crucial for growth and development.

Palpebral Fissures

The opening between the upper and lower eyelids, which can vary in size and shape across individuals and can be affected by certain conditions.

Cranial Nerve

These are the twelve nerves that emerge directly from the brain (as opposed to the spinal column) and are responsible for a variety of functions including sensory information and muscle control.

Symmetric

Having parts that match each other in size, shape, and position; being the same on both sides of a dividing line.