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Which of the following is an example of an implicit cost?
If a product is sold at \$10 each and 500 units are sold, what is the total revenue?
A business has a total revenue of \$500,000, explicit costs of \$300,000, and implicit costs of \$100,000. What is the economic profit?
Which of the following is an explicit cost for a business?
Which of the following is an implicit cost for a business owner?
Which of the following scenarios best illustrates a fixed cost?
A business owner uses \$50,000 from personal savings to fund a new venture. The savings account had an interest rate of 5%. What is the implicit cost of using these savings?
If a company has fixed costs of \$10,000 and produces 500 units, what is the average fixed cost per unit?
In the context of business decision-making, which of the following statements is true about the long run?
A firm has total revenue of \$1,000,000 and explicit costs of \$750,000. What is the accounting profit?