If your business earns $20,000 in revenues, has explicit costs of $7,000, and implicit costs of $5,000, your accounting profit is
A) $32,000.
B) -$8,000.
C) $8,000.
D) $13,000.
Answer: D
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Suppose a concert by Lady Gaga and a basketball game played by the L.A. Lakers are substitutes, then which of the following is TRUE?
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