Shanice owns a food delivery business. She picks up meals from restaurants and delivers them to his clients' homes. One year Shanice's revenue is $25,000 and her costs (such as gas and maintenance on her car) is $10,000. If Shanice did not run this business, she could get a job at a grocery store and make $15,000 that year. Which of the following statements is true? Shanice's accounting profit is $15,000. Shanice's economic profit is $0. Shanice's accounting profit is $10,000. Shanice's economic profit is $20,000. Shanice's accounting profit is $0. Shanice's economic profit is $15,000. Shanice's accounting profit is $20,000. Shanice's economic profit is $10,000.

Shanice owns a food delivery business. She picks up meals from restaurants and delivers them to his clients' homes. One year Shanice's revenue is $25,000 and her costs (such as gas and maintenance on her car) is $10,000. If Shanice did not run this business, she could get a job at a grocery store and make $15,000 that year. Which of the following statements is true? Shanice's accounting profit is $15,000. Shanice's economic profit is $0. Shanice's accounting profit is $10,000. Shanice's economic profit is $20,000. Shanice's accounting profit is $0. Shanice's economic profit is $15,000. Shanice's accounting profit is $20,000. Shanice's economic profit is $10,000.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 79P

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