A small business owner earns $50,000 in revenue annually. The explicit annual costs equal $30,000. The owner could work for someone else and earn $25,000 annually. The owner's business profit is ________ and the economic profit is ________
A) $20,000; $5,000
B) $20,000; -$5,000
C) $25,000; -$5,000
D) $45,000; -$5,000
B
Economics
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In the figure above, what can be said about point B?
A) It can be reached only after economic growth occurs. B) It can be attained only if some resources are left unused. C) It represents all resources being devoted to the production of apples. D) It represents all resources being devoted to the production of oranges.
Economics
Suppose that the local hospital claims that the wages of nurses are too high. Yet, the hospital has 10 nursing positions open and no applicants for the jobs. Is the hospital's claim legitimate? Why or why not?
What will be an ideal response?
Economics