Two friends, Diane and Sam, own and run a bar. Diane tends bar on Monday, Wednesday, and Friday and receives a wage in addition to tips. Sam tends bar on Tuesday, Thursday, and Saturday and receives only tips. Which of the following represents an implicit cost of operating the bar?
A. Diane's wage.
B. Sam's time.
C. Diane's tips.
D. Sam's tips.
Answer: B
You might also like to view...
Final goods and services refer to ________.
A. goods and services that are unsold and therefore added to inventories B. goods and services purchased by ultimate users, rather than for resale or further processing C. goods and services whose value has been adjusted for changes in the price level D. the excess of U.S. exports over U.S. imports
A stock mutual fund is generally
A) less risky than buying individual stocks. B) more risky than buying individual stocks. C) just as risky as buying individual stocks. D) a way for the rich to avoid taxes.
An M-form of organization is exploiting functional business areas
Indicate whether the statement is true or false
Labor unions will raise the quantity of labor demanded
a. True b. False Indicate whether the statement is true or false