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19 December, 11:06

Shelley's Salsa produces and sells organic salsa. Last year it sold 3 million tubs of salsa at a price of $3 per tub. For last year, the firm's a. explicit costs were $9 million. b. total revenue was $9 million. c. accounting profit was $9 million. d. economic profit was $9 million.

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  1. 19 December, 12:11
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    Answer: Option B

    Explanation:

    A. Explicit cost are the cost paid to others in return of their service. Hence Option A is incorrect.

    B. Revenue is the total amount of earnings a company have before deducting for expenses. Hence Option B is correct.

    C. Accounting profit means (Revenue - explicit cost). Hence Option C is incorrect.

    D. Economic profit means (Revenue - explicit cost - implicit cost). Hence Option D is incorrect.
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Home » Business » Shelley's Salsa produces and sells organic salsa. Last year it sold 3 million tubs of salsa at a price of $3 per tub. For last year, the firm's a. explicit costs were $9 million. b. total revenue was $9 million. c. accounting profit was $9 million.
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