Which of the following statements is FALSE?
A) Implicit costs are unique to the individual firm.
B) Explicit costs are easy to measure.
C) Implicit costs are opportunity costs.
D) An explicit cost is a nonmonetary opportunity cost.
E) An implicit cost is nonmonetary.
Correct Answer:
Verified
Q1: Ramona owns a small coffee shop,where she
Q2: The out-of-pocket expenses incurred in producing a
Q4: Which of the following statements is true?
A)
Q5: Accountants consider only explicit costs when measuring
Q6: If a firm has total costs of
Q7: Economists consider both explicit costs and implicit
Q8: What needs to be done to ensure
Q9: Total revenue minus total cost is equal
Q10: Implicit costs can be difficult to measure
Q11: Lisette is the owner of a bakery
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