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Managerial Economics 2nd Edition by William Boyes
Edition 2ISBN: 978-0618988624Managerial Economics 2nd Edition by William Boyes
Edition 2ISBN: 978-0618988624 Exercise 17
What is the economist's interpretation of costs? What does the following statement mean: "the concept of cost is far richer (pardon the pun) than the dollars and cents you hand over at the cash register."? a. Costs are opportunity costs plus sunk costs.
B) Costs are what must be given up to gain something.
C) Costs are the value of the opportunity costs of employees.
D) Costs are direct and overhead.
E) Costs are direct, overhead, and sunk.
B) Costs are what must be given up to gain something.
C) Costs are the value of the opportunity costs of employees.
D) Costs are direct and overhead.
E) Costs are direct, overhead, and sunk.
Explanation
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The economist interprets the costs that ...
Managerial Economics 2nd Edition by William Boyes
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