The Table Below Provides the Total Revenues and Costs for a Small

question 92

Multiple Choice

The table below provides the total revenues and costs for a small landscaping company in a recent year.
TABLE 7-2
-Refer to Table 7-2.The implicit costs for this firm are

• A)$31 200.
• B)$30 800.
• C)$30 400.
• D)$400.
• E)$800.

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Definitions:

Prices

The monetary value assigned to goods and services, determining how much consumers need to pay to obtain them.

Production

The process of creating goods or services by combining various inputs like labor, materials, and technology.

Price L

A specific notation used to denote a certain price level in economic models or discussions.

Factor Prices

The costs associated with the inputs used in production, such as labor wages and capital rental rates.