This topic contains a solution. Click here to go to the answer

Author Question: If Adam's Rib Joint took in 35,000 in revenue last week and had out-of-pocket expenses of 31,500: ... (Read 68 times)

Starlight

  • Hero Member
  • *****
  • Posts: 567
If Adam's Rib Joint took in 35,000 in revenue last week and had out-of-pocket expenses of 31,500:
 a. it is clear that Adam made an economic profit of 3,500.
 b. Adam really didn't make any economic profit since he needs to put the difference between revenue and out-of-pocket expenses back into the firm.
  c. Adam clearly did not earn an economic profit.
 d. it is not clear whether Adam earned any economic profit last week because it depends on the magnitude of the implicit costs.

Question 2

An individual's decision to supply her labor or to spend her time in leisure activity is known as the labor-leisure tradeoff.
 a. True
  b. False
  Indicate whether the statement is true or false



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

jackie

  • Sr. Member
  • ****
  • Posts: 324
Answer to Question 1

d

Answer to Question 2

True




Starlight

  • Member
  • Posts: 567
Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review


emsimon14

  • Member
  • Posts: 344
Reply 3 on: Yesterday
Great answer, keep it coming :)

 

Did you know?

Serum cholesterol testing in adults is recommended every 1 to 5 years. People with diabetes and a family history of high cholesterol should be tested even more frequently.

Did you know?

A recent study has found that following a diet rich in berries may slow down the aging process of the brain. This diet apparently helps to keep dopamine levels much higher than are seen in normal individuals who do not eat berries as a regular part of their diet as they enter their later years.

Did you know?

If you could remove all of your skin, it would weigh up to 5 pounds.

Did you know?

Green tea is able to stop the scent of garlic or onion from causing bad breath.

Did you know?

Approximately 70% of expectant mothers report experiencing some symptoms of morning sickness during the first trimester of pregnancy.

For a complete list of videos, visit our video library