Which of the following is not an explicit cost?
A) salaries
B) sales taxes
C) the cost of utilities, such as gas and electricity
D) insurance premiums
E) the value of a firm owner's time
Correct Answer:
Verified
Q15: A young chef is considering opening his
Q16: An implicit cost is
A)any cost a firm
Q17: Opportunity cost usually
A)cannot be measured
B)applies to labor
Q18: Implicit cost involves a direct cash payment
Q19: Cash payments for steel to be used
Q21: Economic profit is defined as
A)total revenue minus
Q22: Amanda, age 6, opens a lemonade stand.She
Q23: Economic profit is defined as
A)total revenue minus
Q24: Which of the following would not appear
Q25: Zipco's economic profit is equal to its
A)total
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