Which of the following statements about implicit costs is true?
A) They are always fixed.
B) They measure the forgone opportunities of the firm's owners.
C) They exceed explicit costs.
D) They do not enter into the calculation of economic profit.
Correct Answer:
Verified
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Q16: Last year Christine worked as a consultant.
Q17: An example of an implicit cost is:
A)interest
Q18: Accounting profit minus implicit costs equals:
A)total revenues.
B)economic
Q20: Which of the following statements about explicit
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Q22: The allocative function of price is to:
A)distribute
Q23: The role that prices play in directing
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