Suppose the Entrepreneur Could Earn $800 as an Employee Elsewhere

question 30

Multiple Choice

$\begin{array}{l}\begin{array} { | l | r | } \hline \text { Assume an apple farmer incurs the following costs and revenues: } \\\hline \text { Fertilizer: } & \$ 200 \\\hline \text { Seeds: } & \$ 75 \\\hline \text { Water: } & \$ 250 \\\hline \text { Wages: } & \$ 750 \\\hline \text { Property taxes: } & \$ 600 \\\hline \text { Interest payments on borrowed funds: } & \$ 1,200 \\\hline \text { Sales of apples: } & \$ 4,000 \\\hline\end{array}\\\text { Table } 22.1\end{array}$ Suppose the entrepreneur could earn $800 as an employee elsewhere.This means the entrepreneur is earning

• A)Breakeven profits.
• B)Economic losses.
• C)Economic profits.
• D)Accounting losses.

---

Definitions:

Social Phenomena

Events, behaviors, or structures that occur within the context of society, influenced by and influencing individuals and groups.

Individualistic

Describing a cultural or personal orientation that emphasizes personal independence and the self over communal or societal interests.

Individualistic

Describing cultures or perspectives that emphasize the moral worth of the individual and the importance of independence and self-reliance.

Collectivist

Pertaining to cultures or societies that prioritize the group's needs over individual desires, emphasizing community, cooperation, and solidarity.