Historical costs are those costs of production for which explicit payment has been made sometime in the past.
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Q7: The social costs of firm are the
Q8: Long-run total cost is the maximum economic
Q9: Implicit costs represent the opportunity that a
Q10: Explicit costs are those costs of production
Q11: The private costs of a firm includes
Q13: Marginal cost must be equal to average
Q14: Fixed costs are costs that do not
Q15: The social costs of firm are any
Q16: When marginal cost is greater than average
Q17: Incremental cost is the additional cost that
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