How Many Minutes Are in a 30 Day Month? [Assume

question 86

Multiple Choice

How many minutes are in a 30 day month? [Assume exactly 24 hours in a day]

• A) 7.20 × 10²
• B) 4.32 × 10⁴
• C) 2.59 × 10⁶
• D) 3.11 × 10⁷

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Definitions:

Accounting Costs

Costs that are recognized in the financial statements and involve actual cash flow, such as salaries, rent, and materials.

Implicit Costs

Costs that are not directly paid out or incurred in money but represent the opportunity cost of using resources owned by the firm for its own production instead of renting them out or selling.

Explicit Costs

Direct, out-of-pocket payments made by a business for resources and services used in production.

Incremental Cost

The additional cost associated with producing one more unit of a product or service.