Implicit cost involves a direct cash payment for the use of a resource.
a. True
b. False
Question 2
The reason economists assume that firms try to maximize economic profit is
a. over time, firms that don't earn profits will have difficulty securing financing to survive
b. firms in the real world always maximize profit
c. profit is easier to calculate than revenues
d. if a firm fails to earn a profit in its first year, it will go out of business
e. profit maximization is easier for firms than revenue maximization
That politics was always a rough business is shown in this cartoon, which shows Lincoln, assisted by
Meiosis involves two complete divisional operations forming four potential sex cells.
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Typical Startup Cost Categories Cont.