Jake sells Star Wars memorabilia on eBay. His annual revenue is $42,000 per year, the explicit costs of his business are $10,000, and the opportunity costs of his business are $18,000 per year. What are the implicit costs of his business?

A firm that has limited liability is classified as a

A) proprietorship. B) partnership. C) partnership or proprietorship. D) corporation.

If a consumer's budget line between meat and potatoes has a vertical axis intercept at 100 pounds of meat and a horizontal axis intercept at 100 pounds of potatoes

a. demand must be inelastic b. the consumer's budget must equal $100 c. both meat and potatoes must be priced at $1 per pound d. the price of a pound of meat must equal the price of a pound of potatoes e. the opportunity cost of meat in terms of potatoes cannot be determined