David was taken to a concert by his friend who promised it would be very good. David paid for his own ticket. However, David did not like the concert and left before it ended. Therefore, David incurred a(n) _____ in buying the ticket
A) private cost
B) explicit cost
C) explicit cost.
D) implicit cost
E) sunk cost
Correct Answer:
Verified
Q25: Which of the following is not an
Q26: When economic profits in an industry are
Q27: Economic profits are calculated after taking into
Q28: An explicit cost is:
A)an opportunity cost for
Q29: An example of an implicit cost of
Q31: An implicit cost is:
A)an opportunity cost to
Q32: Lintell Inc. earned a total revenue of
Q33: When long-run average total cost does not
Q34: When a firm makes zero economic profit,
Q35: private costs are included in economic profit
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