If You Are a Sole Proprietor of a Firm and You

question 118

Multiple Choice

If you are a sole proprietor of a firm and you do not pay yourself a regular wage,then the value of the wage you could have earned elsewhere is

• A)an explicit cost.
• B)an accounting cost.
• C)an implicit cost.
• D)not a cost.

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Definitions:

Properties

Characteristics or rules that define how operations are performed on numbers and variables, including distributive, associative, and commutative properties.

Logarithms

Mathematical functions that determine the exponent or power to which a base number is raised to obtain a certain value, often written as \(\log_b(x)\).

Expand

To increase in size, number, or importance, or to make something increase in this way.

Properties

Characteristics or attributes that can be used to describe or identify something.