To an economist,total costs include
A)explicit,but not implicit costs.
B)implicit,but not explicit costs.
C)explicit and implicit costs.
D)neither explicit nor implicit costs.

Question

Quizplus · Accepted Answer

Total costs in economics include both explicit costs, which are visible and measurable costs such as wages and supplies, and implicit costs, which are hidden costs such as opportunity costs of using resources for a particular activity. Therefore, the correct choice is C, explicit and implicit costs.

To an Economist,total Costs Include