If You Were to Start Your Own Business,your Implicit Costs

question 44

Multiple Choice

If you were to start your own business,your implicit costs would include:

• A)rent that you have paid in advance for use of a building.
• B)the opportunity cost of your time.
• C)profit over and above normal profit.
• D)interest that you pay on your business loans.

---

Definitions:

Normal Distribution

A balanced probability distribution centered around the mean, where data closer to the mean are seen more frequently than data considerably far from the mean.

Area

The extent or measurement of a surface or piece of land, typically measured in square units.

F Distribution

A probability distribution used in statistics, especially in analysis of variance (ANOVA), to determine the variance among sample means.

Parameters

In statistics, parameters are numerical characteristics that describe and summarize features of a population.