Explicit costs:
A) measure the opportunity costs of the business owners.
B) are always fixed in the short run.
C) measure the payments made to the firm's factors of production.
D) are always variable in the short run.
Correct Answer:
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Q6: Adam Smith coined the term "invisible hand"
Q7: Normal profits occur when:
A)accounting profits are positive.
B)economic
Q8: Economic profits are:
A)the same as accounting profits.
B)equal
Q9: If you were to start your own
Q10: Curly told Larry about his new business
Q12: Implicit costs:
A)are always fixed.
B)measure the forgone opportunities
Q13: If a firm is earning zero economic
Q14: Chris was the business manager for a
Q15: An example of an implicit cost is:
A)interest
Q16: Suppose you quit your job to start
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