If a Firm Has Revenues of $200, Explicit Costs of $100

question 55

Multiple Choice

If a firm has revenues of $200, explicit costs of $100, and implicit costs of $100, then its economic profit is:

• A) $0.
• B) $50.
• C) $100.
• D) $500.

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Definitions:

Periosteum

The dense, fibrous membrane covering the surfaces of bones, except at their extremities, and serving as an attachment for muscles and tendons.

Mature Bone

Bone tissue that has undergone a process of mineralization and reached its final stage of development.

Perichondrium

A dense layer of connective tissue that surrounds cartilage, providing nutrients and support for cartilaginous structures.

Marrow

The soft tissue found in the hollow interior of bones where blood cells are produced.