Imagine Tom's Annual Salary as an Assistant Store Manager Is

question 79

Multiple Choice

Imagine Tom's annual salary as an assistant store manager is $30,000,he owns a building that rents for $10,000 yearly,and his financial assets generate $1,000 per year in interest.One day,after deciding to be his own boss,he quits his job,evicts his tenants,and uses his financial assets to establish a bicycle repair shop.To run the business,he outlays $15,000 in cash to cover all the costs involved with running the business,and earns revenues of $50,000.What are Tom's economic profits?

• A) $35,000
• B) $50,000
• C) $24,000
• D) $6,000

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