Wiladee Used to Work as an Office Manager,earning $25,000 Per

question 328

Multiple Choice

Wiladee used to work as an office manager,earning $25,000 per year.She gave up that job to start a tailoring business.In calculating the economic profit of her tailoring business,the $25,000 income that she gave up is counted as part of the tailoring firm's

• A) total revenue.
• B) opportunity costs.
• C) explicit costs.
• D) marginal costs.

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Definitions:

Toggle Switch

A switch that alternates between two states with each actuation, commonly found in electronics and applications requiring binary settings.

Volume Control

The mechanism or system used to adjust the loudness of audio output in electronic devices or sound systems.

Short-Term Memory

The capacity for holding a small amount of information in an active, readily available state for a short period.

Long-Term Memory

A type of memory storage that holds information indefinitely and has essentially an unlimited capacity.