Suppose That a Business Incurred Implicit Costs of $500,000 and Explicit

question 118

Multiple Choice

Suppose that a business incurred implicit costs of $500,000 and explicit costs of $5 million in a specific year. If the firm sold 100,000 units of its output at $50 per unit, its accounting

• A) profits were $100,000 and its economic profits were $0.
• B) losses were $500,000 and its economic losses were $0.
• C) profits were $500,000 and its economic profits were $1 million.
• D) profits were $0 and its economic losses were $500,000.

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Definitions:

Sex Hormones

Chemical substances produced by the gonads (ovaries and testes) that regulate many aspects of sexuality and reproduction as well as secondary sexual characteristics.

Puberty

The developmental stage during which children mature sexually and physically into young adults.

Gender Typing

The way in which a child comes to understand their gender identity and, as a result, starts to embody the behaviors and norms of the gender they feel is their own.

Social Connectedness

The feeling of belonging and personal involvement in a network of relationships.