Suppose Joe Rich owns his own company and does not pay himself a salary. This means the salary he could have earned in alternative employment is considered an implicit cost for the firm
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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If the interest rate is 4 percent, the present value of $10,000 to be received one year from today is about
A) $9,246. B) $9,615. C) $10,816. D) $10,400.
Economics
Lisa views pizzas and burritos as goods. If she prefers a bundle of 4 burritos and 4 pizzas to a bundle of 4 burritos and 5 pizzas, which property of consumer preference is violated?
What change in the assumptions could lead a rational consumer to prefer the first bundle?
Economics