A Firm's Total Explicit Costs Are $1,000

question 298

Multiple Choice

A firm's total explicit costs are $1,000. Its total implicit costs are $500, and it has a total revenue of $1500. This firm receives

• A) an accounting profit only.
• B) an economic profit only.
• C) both an economic profit and an accounting profit.
• D) neither an economic profit nor an accounting profit.

Identify factors that lead to peer conformity and its implications.

Recognize the significance of cliques and crowds in child versus adolescent development.

Understand the purposes of adolescent group formations and their least to most personal nature.

Understand the role of dating in adolescent development and its impact by various factors.

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Definitions:

Rational-legal Authority

A form of leadership where authority is legitimized by legal rules and regulations, and is exercised by officials according to their administrative roles.

Semi-nomadic Lifestyle

A way of life for some cultures that involves moving seasonally while maintaining some fixed habitation.

Harvesting Season

The time of year when crops are ripe and ready to be gathered, varying according to the type of crop and geographical location.

Permanent Settlements

Communities where people reside long-term, building infrastructure and developing societies in contrast to nomadic lifestyles.