Suppose That During a Given Time Period the Implicit Cost

question 327

Multiple Choice

Suppose that during a given time period the implicit cost for a business was $1,500 and that the explicit cost was $6,000. Also suppose that the firm sold 1,000 units of its products at $8 per item. We can conclude that the firm's

• A) accounting profit was $2,000, and its economic profit was $500.
• B) accounting and economic profits were both $2,000.
• C) accounting profit was -$500, and economic profit was $2,000.
• D) accounting profit was $2,000, and economic profit was -$500.

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Definitions:

Violence

Behavior involving physical force intended to hurt, damage, or kill someone or something.

Children

Individuals in the early stages of life, typically characterized by rapid physical growth and mental development.

Aggression

Behavior intended to harm or intimidate others, which can be physical or verbal, and motivated by various factors.

Violent Video Games

Electronic games that involve physical force with the intent to cause harm or death to others, often sparking debates over their impact on behavior.