If a Firm Generates $240,000 in Revenue,earns $120,000 in Economic

question 162

Multiple Choice

If a firm generates $240,000 in revenue,earns $120,000 in economic profit,and its explicit costs are $80,000,how much are its implicit costs?

• A) $160,000
• B) $80,000
• C) $40,000
• D) $60,000
• E) $120,000

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Definitions:

Experimenter

An individual conducting a scientific experiment, responsible for controlling variables and analyzing results.

Piagetian Stage

Piagetian Stages are phases in child development outlined by Swiss psychologist Jean Piaget, representing key steps in cognitive development.

Sensorimotor

Refers to a developmental stage in infants where they learn to interact with the world through physical movements and sensory experiences.

Concrete Operational

A stage in Piaget's theory of cognitive development, where children aged around 7-12 years gain the ability to think logically about concrete events.