Multiple Choice
Gerald, a certified public accountant, informs his client, Simon, a small business owner, that Simon's production expenses for the last year were $40,000. Revenues were $100,000. Simon gave up a job that paid $70,000 to open his business. What is Simon's implicit cost of opening his business?
A) $40,000
B) $60,000
C) $70,000
D) $110,000
Correct Answer:
Verified
Correct Answer:
Verified
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