Please explain whether the following statements are true or false. a) If the owner of a business

Question:

Please explain whether the following statements are true or false.
a) If the owner of a business pays himself no salary, then the accounting cost is zero, but the economic cost is positive.
b) A firm that has positive accounting profit does not necessarily have positive economic profit.
c) If a firm hires a currently unemployed worker, the of utilizing the worker’s services is zero.
Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...