What Material Was Often Used for the Covers for Medieval

question 12

Multiple Choice

What material was often used for the covers for medieval books?

• A)mosaics
• B)tapestry
• C)ivory
• D)gold

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Definitions:

Implicit Costs

The opportunity costs of using resources owned by the firm for its own use, without any direct payment made.

Opportunity Cost

The worth of the best alternative given up to make a choice.

Accounting Profit

The financial gain calculated by subtracting total expenses from total revenues, according to standard accounting principles.

Economic Profit

The profit from undertaking an activity after subtracting both the explicit and implicit costs associated with that activity.