States That Are Generally Most Expensive to Do Business in Could

question 91

Multiple Choice

States that are generally most expensive to do business in could be described as:

• A)inland states that do not have access to a coastline.
• B)states with low population densities.
• C)coastal "tourist" states and those will higher population densities.
• D)states located in the mid-west and northwest sections of the country.

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Definitions:

Explicit Costs

Direct, out-of-pocket payments for goods and services used in the production of a product or provision of a service.

Accounting Profit

The difference between total monetary revenue and total monetary costs, excluding the consideration of opportunity costs.

Explicit Costs

These are the direct, clear expenses related to business operations, such as salaries, utilities, and rent, that are easily quantifiable.

Accounting Profit

The difference between the total revenue and explicit costs of a firm, not accounting for implicit costs.