Opportunity costs are comprised of:
A) explicit costs
B) implicit costs
C) forgone income
D) all of the above
Correct Answer:
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Q50: Julia runs a home construction business and
Q51: An economist measures profit as:
A)total revenue minus
Q52: Economists are primarily interested in:
A)the marginal cost
Q53: To an economist, the field of industrial
Q54: Total revenue equals:
A)total output multiplied by the
Q56: The amount of money that a firm
Q57: Profit plus total costs equals:
A)total revenue
B)net profit
C)capital
Q58: Which of the following would be categorised
Q59: The law of supply states that:
A)the supply
Q60: The relationship between the quantity of inputs
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