A student has two options: she can either surf the web, or work part-time. Working part-time pays her 20 per hour. What is the student's opportunity cost of surfing the web for 5 hours?
A) 4
B) 20
C) 50
D) 100
Question 2
Pick the true statement.
A) It is possible for economic profit to be greater than accounting profit.
B) Accounting profit includes both the implicit and explicit costs of production.
C) Accounting profit is always greater than economic profit.
D) None of the above is a true statement.
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