Sadiq Attends Classes at the College and Works at a CIBC

question 83

Multiple Choice

Sadiq attends classes at the college and works at a CIBC bank. During exams, he cuts back on his work hours even though his wage remains the same. The explanation is that

• A) not all inputs are equally productive during exams.
• B) the marginal opportunity cost of his time is higher during exams.
• C) CIBC has a fall in the price of an input to production.
• D) Sadiq expects that CIBC will offer him more money in the future.
• E) Sadiq has implemented a cost-saving technology that only works during exams.

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Definitions:

Accounting Profit

The total revenue of a firm minus its explicit costs, reflecting the financial gain calculated using standard accounting principles.

Total Revenue

The entirety of income generated from sales activities, without deducting any expenses.

Corn Producer

An entity or individual involved in the cultivation and production of corn crops.

Economic Profit

The profit a firm makes after subtracting both its explicit (out-of-pocket) and implicit (opportunity) costs.